John Canally and China

financial system banks: If the markets were looking for significant spillover from China or significant deterioration in U.S. economy in latest Beige Book, it not there, said John Canally, chief economist strategist at LPL Financial, according to Market Watch. China market turmoil upends banks' expansion plans China booming markets and plans to further open up its financial system led banks, hedge funds and brokers to expand their businesses. But there were also indications that the strong dollar and the drop in oil prices were depressing activity, which could argue for holding off on raising interest rates at the Sept. 16-17 policy meeting. But as the WSJ Ken Brown explains, the huge selloff in the markets and Beijing reaction to it will likely hurt these companies and could force them to scale back their expansion plans. The Dow Jones Industrial Average DJIA, +1.82% gained 293.03 points, or 1.8%, to end at 16,351.38, while the Nasdaq Composite Index COMP, +2.46% picked up 113.87 points, or 2.5%, to close at 4,749.98, put the tech laden back in positive territory. The S&P 500 SPX, +1.83% closed up 35.01 points, or 1.8%, to finish at 1,948.86. (news.financializer.com). As reported in the news.