Stocks Rally With Bonds in August on Global Stimulus Bets.

http://www.bloomberg.com/news/2014-08-29/stocks-rally-with-bonds-in-august-on-global-stimulus-bets.html

Global stocks rallied with Treasuries and European yields tumbled in August as investors bet central banks will continue to underpin global economies. Escalating violence in Ukraine sent the ruble plunging to a record low while gold advanced.

The MSCI All-Country World Index jumped 2 percent for the month and the Standard & Poor’s 500 Index surged 3.8 percent, giving both gauges the best performance since February. Ten-year Treasury yields dropped 21 basis points, the most since January, while rates on similar-maturity bonds from Italy to Spain and Germany touched record lows. The MSCI Emerging Markets Index capped its longest streak of monthly gains since 2005. Volatility eased despite global conflicts, as the VIX plunged 29 percent, the biggest drop in more than two years.

“The S&P and other indexes have ground higher this month in the face of all the global turmoil and macro issues that still exist,” Peter Tuz, who helps manage more than $450 million as president of Chase Investment Counsel Corp. in Charlottesville, Virginia, said in a phone interview. “It’s been driven by the strong results U.S. companies have achieved in the second quarter, and the positive economic data we’ve seen. It looks like global quantitative easing could last longer than expected.”

More than $1 trillion was added to the value of global equities in August, sending it to a record $66.2 trillion. The S&P 500 rebounded after slipping to a two-month low on Aug. 7, climbing to erase the 3.9 percent drop that began on July 24, as concern over crises from Ukraine to Iraq and Argentina eased.

Central Banks

The S&P 500 climbed above 2,000 for the first time on speculation the Federal Reserve will keep interest rates low even as the economy shows signs of strengthening. Minutes from the central bank’s July meeting indicated the Fed is committed to supporting the recovery, even as some policy makers signal a willingness to raise key rates sooner than anticipated. The Fed is on pace to wind down stimulatory bond purchases in October.

The economy expanded more than previously forecast in the second quarter, propelled by the biggest gain in business investment in more than two years, the Commerce Department reported.

“The U.S. economy seems to be continuing to churn out reasonable growth and earnings,” Bill Schultz, who oversees $1.2 billion as chief investment officer at McQueen, Ball & Associates in Bethlehem, Pennsylvania, said in a phone interview. “The thought now is that the Fed isn’t going to do anything for a while and rates will stay low.”

ECB Stimulus

The Stoxx 600 rallied 1.8 percent in August, the most in three months. Weaker economic data spurred speculation that European Central Bank President Mario Draghi will consider quantitative easing, which could involve broad-based asset purchases, and would signal benchmark interest rates are on hold for an extended period.

Draghi said in Jackson Hole, Wyoming, during the month that policy makers will use “all the available instruments needed to ensure price stability” and are “ready to adjust our policy stance further.” Policy makers are scheduled to hold their next rate-setting meeting on Sept. 4.

Low Volatility

“Right now people are willing to look past the geopolitical risk,” McQueen’s Schultz said. “Barring a major escalation, it doesn’t look like the market is too bothered by it.”

The CBOE Volatility Index (VIX), the U.S. derivative price benchmark also known as the VIX, plummeted 29 percent to 11.98 in August, the biggest monthly decline since October 2011. It reached 11.47 on Aug. 22, a one-month low.

The stock market has been experiencing the slowest trading in at least six years. Volume has been below 5 billion shares in each of the past nine sessions, the longest stretch in data compiled by Bloomberg going back to 2008.

Spirotrichs.

http://en.wikipedia.org/wiki/Spirotrich

                                                                                    Euplotes, a Spirotrich.

Monophyletic.

http://en.wikipedia.org/wiki/Spirotrich

The remaining spirotrichs form a monophyletic group, but their relationships are uncertain. For the most part the oligotrichs and choreotrichs appear to form closely related, natural groups. However Halteria and its close relatives, originally considered oligotrichs, form a separate group and may even be modified stichotrichs. Studies also suggest the hypotrichs areparaphyletic to the stichotrichs, and possibly to the oligotrichs and choreotrichs as well. This stands in contrast to the earlier belief that they were the most advanced of all protozoa.

Bütschli.

http://en.wikipedia.org/wiki/Spirotrich

As first defined by Bütschli in 1889 the spirotrichs were one of two orders, together with the now-abandoned holotrichs, and included all ciliates with prominent oral cilia: heterotrichs, hypotrichs, oligotrichs, and peritrichs, although the last were soon separated. The heterotrichs have an adoral zone of membranelles, but molecular and ultrastructure studies have shown they are a separate group that diverged from most other ciliates early on. A few of the smaller groups included with them may be genuine spirotrichs, however, such as the Protocruziida.

Forms with sparse or absent body cilia tend to be smaller and are mostly Marine.

http://en.wikipedia.org/wiki/Spirotrich

Forms with sparse or absent body cilia tend to be smaller and are mostly marine, but a few are common in freshwater. Again, they are generally divided into oligotrichs and choreotrichs, but were originally all considered oligotrichs. The latter group includes the tintinnids, which produce loricae or shells and are the predominant fossil ciliates.

Euro Inflation Slows as Draghi Hints at More ECB Stimulus.

http://www.bloomberg.com/news/2014-08-29/euro-area-inflation-slows-as-draghi-hints-at-more-ecb-stimulus.html

Euro-area inflation slowed in August and the region’s unemployment rate remained close to a record, increasing pressure on the European Central Bank to take action to kindle the bloc’s faltering recovery.

Consumer prices rose 0.3 percent in August from a year earlier after a 0.4 percent increase in July, the European Union’s statistics office in Luxembourg said today. That’s the weakest rate since October 2009 and in line with the median forecast in a Bloomberg News survey. Unemployment (UMRTEMU) remained at 11.5 percent in July, Eurostat said in a separate report.

Today’s data add to the case for more stimulus when policy makers meet next week. ECB President Mario Draghi has pointed to sliding investor bets on prices, sparking a debate about whether quantitative easing is needed to steer inflation in the 18-nation region back toward the ECB’s goal of just under 2 percent and foster economic growth.

“This is yet another bad indicator of the health of the euro-zone economy,” said Luke Bartholomew, an investment manager at Aberdeen Asset Management. “As every month passes we get closer to the dread of deflation and Draghi looks more and more like Nero fiddling while Rome burns.”

“It’s no secret that we are seeing somewhat of a downturn in the economy,” Nowotny told reporters in Alpbach, Austria, late yesterday. Germany’s economy shrank 0.2 percent in the second quarter,France’s stagnated and Italy fell back into recession.

While French Prime Minister Manuel Valls said this week that the ECB needs to use all means at its disposal to lift inflation to its target level, German Finance Minister Wolfgang Schaeuble said in a Bloomberg Television interview it’s the responsibility of governments to spur growth because the ECB has run out of ways to help the euro area.

The unemployment rate varied across the 18-nation euro area in July, ranging from a low of 4.9 percent in Germany and Austria to 24.5 percent in Spain.

“The long-term cohesion of the euro area depends on each country in the union achieving a sustainably high level of employment,” Draghi said in his Aug. 22 speech at the Federal Reserve Bank of Kansas City’s annual economic symposium in Jackson Hole, Wyoming. “Unemployment is at the heart of the macro dynamics that shape short and medium-term inflation.”

European Central Bank President Mario Draghi has pointed to sliding investor bets on prices, sparking a debate about whether quantitative easing is needed to steer inflation in the 18-nation region back toward the ECB’s goal of just under 2 percent and foster economic growth.

Forms with cirri are common throughout soil, freshwater, and marine Environments.

http://en.wikipedia.org/wiki/Spirotrich

Forms with cirri are common throughout soil, freshwater, and marine environments. Individuals tend to be flattened, with cirri confined to the ventral surface. These are variously used for crawling over objects, acting as feet, swimming, or assisting in food capture. They are generally divided into hypotrichs and stichotrichs, but were originally all considered hypotrichs.

Spirotrich.

http://en.wikipedia.org/wiki/Spirotrich

The spirotrichs are a large and distinctive group of ciliate protozoa. They typically have prominent oral cilia in the form of a series of polykinetids, called the adoral zone of membranelles, beginning anterior to the oral cavity and running down to the left side of the mouth. There may also be one or two paroral membranes on its right side. The body cilia are fused to form polykinetids called cirri in some, and are sparse to absent in others.

Heterotrichs.

http://en.wikipedia.org/wiki/Heterotrich

Stentor Roeseli.

Heterotrichida.

http://en.wikipedia.org/wiki/Heterotrich

Traditionally the heterotrichs have been treated as a subgroup of spirotrichs, but more recent work has found that they are not closely related to the other groups placed there, and accordingly they tend to be given their own class. Most belong to the order Heterotrichida; the position of the other orders is not clear, and Lynn has suggested that they do not really belong here, tentatively returning some to the Spirotrichea and treating others as a new class (Armophorea).

Investment Bank Revenue Seen Declining 1.7% in 2014.

http://www.bloomberg.com/news/2014-08-28/investment-bank-revenue-seen-declining-1-7-in-2014.html

The world’s 10 biggest investment banks, including Goldman Sachs Group Inc. (GS) andDeutsche Bank AG (DBK), will probably see a 2 percent decrease in revenue this year after making less money from trading fixed income, currencies and commodities, according to analytics firm Coalition.

Revenue from debt units, equities trading and investment banking may drop to $150.7 billion from $153.3 billion in 2013, the London-based firm said in a statement today. Revenue fell 5 percent to $82.3 billion in the first half.

Revenue in investment banking, which includes advisory and underwriting businesses, may advance 13 percent to $42.9 billion this year after a 11 percent gain in the first six months was driven by a “surge” in stock sales, mergers and acquisitions, according to Coalition. That gain may be offset by a drop in equities and debt trading revenue, it said.

Fixed income, currencies and commodities may post a 9 percent drop in revenue this year to $67.4 billion after a 13 percent decrease in the first six months and a 19 percent slump in 2013. The business also saw the biggest reduction in staff numbers in the first half from the year earlier, amounting to about 1,900 positions, with Europe, Middle East and Africa and the Americas regions affected the most, Coalition said.

“Only a handful of market leaders remain committed to a ‘complete’ service, while the other banks have refocused their strategies around client, product and regional strengths,” Coalition said of the fixed-income business.

Commodities Trading

Commodities trading was the only business within the fixed-income units to post an increase in revenue in the first half. Raw-materials revenue rose 21 percent to $3.3 billion as a cold winter boosted trading in U.S. power and gas and investors increased interest in commodities, Coalition said.

Global investment banks are pulling back from commodities trading amid tougher regulation. 

Macronucleus is divided by external Microtubules.

http://en.wikipedia.org/wiki/Heterotrich

 The macronucleus is divided by external microtubules, whereas in the Karyorelictea it forms by differentiation of micronuclei, and in all other ciliates it is divided by internal microtubules.

Oral Polykinetids.

http://en.wikipedia.org/wiki/Heterotrich

A series of oral polykinetids, each containing two or three rows of kinetosomes, support the membranelles. These run from the left to the anterior of the mouth, and often spiral out of the oral cavity. 

A number of ultrastructural details characterize the Group.

http://en.wikipedia.org/wiki/Heterotrich

A number of ultrastructural details characterize the group. The cilia on the body are in dikinetids, in which either the anterior one or both kinetosomes may be ciliated, and which are associated with fibers composed of overlapping postciliary microtubules, called postciliodesmata and found only in this group and the closely related Karyorelictea. 

Many species of Heterotrich.are highly Contractile.

http://en.wikipedia.org/wiki/Heterotrich

 Many species are highly contractile, and are typically compressed or conical in form. These include some of the largest protozoa, such as Stentor and Spirostomum, as well as many brightly pigmented forms, such as certain Blepharisma.

European Bonds Gain on Stimulus Bets as Emerging Stocks Advance.

http://www.bloomberg.com/news/2014-08-26/most-asian-index-futures-rise-as-s-p-500-ends-above-2-000.html

European bonds advanced, pushing 10-year (GSPG10YR)yields from Germany, Italy,Spain and France to record lows, as economic data fueled stimulus bets. Emerging-marketstocks headed for a three-year high, the dollar weakened and commodities rose.

Spanish 10-year (GFRN10)yields dropped eight basis points to 2.09 percent at 11 a.m. inLondon, after touching 2.083 percent, the lowest since Bloomberg started tracking the data in 1993. The yield onsimilar-maturity German bonds fell to a record 0.915 percent. The dollar weakened against all but one of its major peers. The MSCI Emerging Markets Index added 0.3 percent, trading at the highest level since August 2011. The Stoxx Europe 600 Index was little changed with Standard & Poor’s 500 Index futuresafter the U.S. measure closed above 2,000 for the first time. Gold rose 0.4 percent.

French manufacturing confidence fell, while a gauge of German consumer sentiment dropped more than analysts estimated, adding to speculation that euro-area stimulus will be bolstered. Yields on 10-year Austrian, Belgian, Dutch, Finnish and Irish debt dropped to all-time lows. Russian PresidentVladimir Putin said talks with his Ukrainian counterpart over separatist fighting that’s killed more than 2,000 people were “positive.”

“It’s pretty straightforward: more and more investors are expecting something big to be announced at the beginning of September,” said Felix Herrmann, an analyst at DZ Bank AG in Frankfurt. “At the moment they are just continuing the hunt for yield.”

Euro, Dollar

The U.S. currency fell 0.1 percent to $1.3183 per euro after touching $1.3153, the strongest level since Sept. 6, and declined 0.1 percent to 103.92 yen.

The Stoxx 600 was little changed today after it climbed 1.8 percent in the past two days, closing at its highest level since July 24.

Travel and leisure shares advanced the most among 19 industry groups. Deutsche Lufthansa AG rose 2.9 percent, and Ryanair Holdings Plc climbed 3.1 percent after the discount airline said it will start a service for business travelers.

Telecom Italia SpA advanced 3.1 percent after Oi SA said it is reviewing options for buying a stake in Tim Participacoes SA. Portugal Telecom SA, which is merging with Oi SA, led its country’s equities higher as it gained 6.2 percent.

U.K. water supplier United Utilities Group Plc (UU/) fell 1.7 percent after Bank of America Corp. and RBC Capital Markets LLC downgraded the shares.

Pedestrians carry shopping bags while walking on Rodeo Drive in Beverly Hills, California. The Conference Board’s U.S. consumer confidence index rose to 92.4 in August, the highest since October 2007.

Heterotrich.

http://en.wikipedia.org/wiki/Heterotrich

The heterotrichs are a class of ciliates. They typically have a prominent adoral zone of membranelles circling the mouth, used in locomotion and feeding, and shorter cilia on the rest of the body.

The class is divided into three Orders.

http://en.wikipedia.org/wiki/Karyorelictea

The majority are unculturable, although clonal lines of Loxodes have been developed. The class is divided into three orders, Protostomatida, Loxodida and Protoheterotrichida, which were defined morphologically, but have been confirmed with molecular phylogenetics.

Amitosis.

http://en.wikipedia.org/wiki/Karyorelictea

 The class Karyorelictea are characterised by an inability to replicate the macronucleus, a process called amitosis, which must be re-synthesized from the micronucleus every cell division.

Karyorelictea.

http://en.wikipedia.org/wiki/Karyorelictea

All ciliate possess multiple dimorphic nuclei which have separated the functions of protein synthesis, performed by the macronuclei or somatic-nuclei, and heritable DNA replication, performed by the micronuclei or germ-line nuclei.

Surging U.S. Stocks Echo Dot-Com Rally With Cheaper P/E.

http://www.bloomberg.com/news/2014-08-25/record-gain-driving-u-s-stocks-with-speed-of-dot-com-era.html

Every day, the American bull market looks more and more like the dot-com bubble of the late 1990s. Except when it comes to valuations.

The Standard & Poor’s 500 Index briefly jumped above 2,000 for the first time yesterday and the Nasdaq Composite Index is within 10 percent of a record reached in March 2000, a time when Pets.com Inc. was worth more than $150 million. Investors have seen annualized returns of 24.5 percent since March 2009, compared with 27.1 percent over an equal amount of days ending March 24, 2000, the peak of the Internet rally, according to data compiled by Bloomberg.

Stocks are catching up to the pace of more than a decade ago amid record profits, near-zero interest rates and economic growth that’s expected to accelerate. While the dot-com bubble peaked with the S&P 500 trading at close to 30 times annual earnings of its companies, the valuation is about 19 times now, data from S&P Dow Jones Indices show.

“We’re on the expensive side of fair value, but certainly not in the bubble place they were in the 2000 period or in a place that concerns us,” Ed Hyland, an Atlanta-based global investment specialist at JPMorgan Chase Private Bank, said in a phone interview. The firm oversees about $1 trillion. “There is potential for the market to go higher.”

IPO Flood

Five years of gains have driven the S&P 500 up 195 percent, compared with a 236 percent advance over the comparable period ended in March 2000. With the Federal Reserve calling valuations in smaller biotechnology and social-media companies “stretched” and mega-deals resurfacing, concern that prices are too high is growing.

Being Rational

The “market is being rational, responding to improving domestic economic news, extraordinarily low interest rates, easy monetary policy and limited inflation,” Howard Ward, chief investment officer for growth equities at Rye, New York-based Gamco Investors Inc., which oversees about $47 billion, wrote in an e-mail. “The market’s valuation level is very defensible.”

Options traders are seeking protection against losses after the S&P 500 climbed about 8 percent this year and has gone without posting a decline of 10 percent since 2011.

About 2.2 bearish puts were owned for every call betting on gains in the benchmark equity gauge, near the highest ratio since October 2008, data compiled by Bloomberg show. Puts wagering on a slide to 1,950 by Sept. 20 had the biggest open interest.

Viewed as one long bull market beginning in October 1990, the dot-com bubble is much larger than the current rally. The S&P 500 climbed more than 400 percent over that stretch and the Nasdaq Composite Index increased 15-fold, producing annualized returns of more than 33 percent for almost 10 years.

The Nasdaq peaked at 5,048.62 March 10, 2000, and would have to rise more than 10 percent from its current level of 4,557.35 to surpass that record. Since stocks bottomed five years ago, the gauge’s best annual performance was in 2009, when it rose 44 percent. That’s about half its return in 1999.

“The underlying fundamentals justify the level of U.S. stocks,” Cameron Hinds, regional chief investment officer at Wells Fargo Bank NA in Lincoln, Nebraska, said in a phone interview. “We’re not at the same level of extremes as in 2000, when valuations were clearly excessive and were apparent not just in hindsight but at the time.”

Cytoplasmic Dynein.

http://en.wikipedia.org/wiki/Dynein

Cytoplasmic dynein has two heavy chains with globular "heads" that "walk" along the microtubule, to which they are bound by the "stalks". Dynactin (not shown) may help attach the light chains to the cargo. Interactions between the "stalks" and the microtubule must repeatedly form and break.

History.

http://en.wikipedia.org/wiki/Dynein

The protein responsible for movement of cilia and flagella was first discovered and named dynein in 1963 . 20 years later, cytoplasmic dynein, which had been suspected to exist since the discovery of flagellar dynein, was isolated and identified.

Radial Spoke.

http://en.wikipedia.org/wiki/Dynein

 Each dynein molecule thus forms a cross-bridge between two adjacent microtubules of the ciliary axoneme. During the "power stroke", which causes movement, the AAA ATPase motor domain undergoes a conformational change that causes the microtubule-binding stalk to pivot relative to the cargo-binding tail with the result that one microtubule slides relative to the other . This sliding produces the bending movement needed for cilia to beat and propel the cell or other particles. Groups of dynein molecules responsible for movement in opposite directions are probably activated and inactivated in a coordinated fashion so that the cilia or flagella can move back and forth. The radial spoke has been proposed as the (or one of the) structures that synchronizes this movement.

Axonemal Dynein.

http://en.wikipedia.org/wiki/Dynein

Axonemal dyneins come in multiple forms that contain either one, two or three non-identical heavy chains (depending upon the organism and location in the cilium). Each heavy chain has a globular motor domain with a doughnut-shaped structure believed to resemble that of other AAA proteins, a coiled coil "stalk" that binds to the microtubule, and an extended tail (or "stem") that attaches to a neighboring microtubule of the same axoneme. 

Dollar Gains While Europe Stocks, Bonds Rally on Stimulus.

http://www.bloomberg.com/news/2014-08-24/dollar-extends-gains-after-jackson-hole-oil-gold-slide.html

The dollar climbed to an 11-month high versus the euro, while European stocks and bonds advanced on prospects for increased economic stimulus. Standard & Poor’s 500 Indexfutures (SPX) rose.

The U.S. currency appreciated 0.4 percent to $1.3195 per euro by 7:44 a.m. in New York, trading at its strongest level since Sept. 9. The Stoxx Europe 600 Index added 0.7 percent in below average trading as U.K. markets were closed for a holiday. S&P 500 futures rose 0.4 percent. Yields on 10-year Italian and Spanish bonds dropped to all-time lows as did rates on German five-year and Belgian two-year notes. Gold slipped 0.1 percent while Brent crude advanced.

European Central Bank President Mario Draghi and Bank of Japan chief Haruhiko Kuroda raised the likelihood of measures to support growth during a meeting of central bankers in Jackson Hole, Wyoming. Federal Reserve Chair Janet Yellen said slack remains in the labor market, though rates could be raised sooner than policy makers anticipate should progress continue to surpass estimates. German business confidence dropped for a fourth month, according to an Ifo institute report today, before data that will probably show U.S. new-home sales rose, based on a Bloomberg survey.

“The messages from Yellen and Draghi solidify a market view on policy divergence between the Fed and the ECB,” said Peter Rosenstreich, a chief foreign-exchange analyst at Swissquote Bank SA in Gland, Switzerland. “There were some holdouts in the market who didn’t quite believe that Yellen is ready for a tighter policy and Draghi is ready to put forward any significant broad-based purchases. What we heard over the weekend is that yes, these are on the table.”

Euro Weakens

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, climbed 0.1 percent today, extending last week’s 0.9 percent advance and headed for the highest close since Feb. 3.

The euro weakened against all but one of its 16 major counterparts. ECB policy makers “stand ready to adjust our policy stance further” and will use all available instruments to “ensure price stability over the medium term,” Draghi said on Aug. 22.

BOJ Governor Kuroda said at Jackson Hole that his bank’s monetary policy was “having its intended effect” and that central banks must fight deflation by any and all means.

The Italian 10-year rate dropped as much as 10 basis points to 2.47 percent, the lowest since at least 1993. German five-year yields fell five basis points to 0.17 percent after reaching 0.167 percent, while Belgian two-year yields slid below zero for the first time.

The 10-year U.S. Treasury yield slipped two basis points to 2.38 percent.

Dynactin.

http://en.wikipedia.org/wiki/Dynein

In eukaryotes, cytoplasmic dynein must be activated by binding of dynactin, another multisubunit protein that is essential for mitosis. Dynactin may regulate the activity of dynein, and possibly facilitates the attachment of dynein to its cargo.

The coiled-coil stalk, binds to and "walks".

http://en.wikipedia.org/wiki/Dynein

The force-generating ATPase activity of each dynein heavy chain is located in its large doughnut-shaped "head", which is related to other AAA proteins, while two projections from the head connect it to other cytoplasmic structures. One projection, the coiled-coil stalk, binds to and "walks" along the surface of the microtubule via a repeated cycle of detachment and reattachment. The other projection, the extended tail (also called "stem"), binds to the intermediate and light chain subunits which attach the dynein to its cargo. The alternating activity of the paired heavy chains in the complete cytoplasmic dynein motor enables a single dynein molecule to transport its cargo by "walking" a considerable distance along a microtubule without becoming completely detached.

Cytoplasmic Dynein's Structure.

http://en.wikipedia.org/wiki/Dynein

Cytoplasmic dynein, which has a molecular mass of about 1.5 megadaltons (MDa), contains approximately twelve polypeptide subunits: two identical "heavy chains", 520 kDa in mass, which contain the ATPase activity and are thus responsible for generating movement along the microtubule; two 74 kDa intermediate chains which are believed to anchor the dynein to its cargo; four 53–59 kDa intermediate chains; and several light chains which are less understood.

Structure of Dynein.

http://en.wikipedia.org/wiki/Dynein

Each molecule of the dynein motor is a complex protein assembly composed of many smaller polypeptide subunits. Cytoplasmic and axonemal dynein contain some of the same components, but they also contain some unique subunits.

S&P 500 Falls From a Record on Central Banks, Ukraine.

http://www.bloomberg.com/news/2014-08-22/u-s-index-futures-little-changed-before-yellen-speaks.html

The Standard & Poor’s 500 Index fell after reaching an all-time high as investors weighed comments from central bank leaders for clues to monetary policy amid rising geopolitical tension.

The S&P 500 fell 0.2 percent to 1,988.40 at 4 p.m. in New York. The benchmark gauge ended the week with a 1.7 percent gain, its biggest advance since April. TheDow Jones Industrial Averagelost 38.27 points, or 0.2 percent, to 17,001.22 today. The Nasdaq Composite Index added 0.1 percent to the highest since 2000. About 4.3 billion shares changed hands on U.S. exchanges today, the slowest full session this year. Volume has not topped 5 billion shares in each of the past four days.

“Janet Yellen does not appear to have broken any new ground,” Jim McDonald, chief investment strategist at Chicago-based Northern Trust Corp., said by phone. His firm manages about $924 billion of assets. “The advance to the record has been supported by good U.S. economic data of late. The Fed is also doing a good job at preparing the market for the eventual increase in interest rates. As long as the economy continues to perform well, the market is in good shape.”

Equities fluctuated after Federal Reserve Chair Yellen said in a speech at the Kansas City Federal Reserve’s annual economics conference in Jackson Hole, Wyoming, that slack remains in the labor market even after gains made during the five years of economic recovery. European Central Bank President Mario Draghi called for governments to do more to help the euro-area economy.

Record Level

The S&P 500 climbed to an all-time closing high of 1,992.37 yesterday as data from housing to manufacturing indicated that the world’s largest economy continues to strengthen. Minutes from the Fed’s July meeting released earlier this week reinforced the central bank’s commitment to supporting the recovery even as some policy makers indicated a willingness to raise rates sooner than anticipated.

Fed Bank of St. Louis President James Bullard said in an interview the U.S. central bank may begin tightening monetary policy earlier than officials previously expected, while Atlanta Fed PresidentDennis Lockhart urged more patience.

“The evidence is leading toward an earlier increase than would have been in the works earlier this year,” Bullard said on Bloomberg Radio in Jackson Hole. “Labor markets have improved quite a bit relative to what the committee was thinking.”

‘Snuffing Out’

Atlanta’s Lockhart, who spoke in a separate Bloomberg Radio interview yesterday, still warned of the risk of “moving prematurely and snuffing out some progress.”

Draghi’s call for politicians to play their part in safeguarding the euro-area recovery comes as pressure mounts on the ECB for radical measures such as quantitative easing. One year after the end of the currency bloc’s longest-ever recession, the economy has stalled, unemployment remains near a record high and inflation is the weakest in almost five years.

“Draghi has been very good at letting the market know that the ECB is ready to act, but the market will ultimately call his bluff if he doesn’t deliver,” Todd Lowenstein, who helps manage $16 billion at Highmark Capital Management in Los Angeles, said in a phone interview. “There’s a sense of impatience going on with the deterioration in the Eurozone, and there’s a growing desire to see an action plan.”

In June, the ECB introduced targeted long-term refinancing operations to improve bank lending in the non-financial private sector.

Retrograde Axoplasmic Transport.

http://en.wikipedia.org/wiki/Dynein

Cytoplasmic dynein probably helps to position the Golgi complex and other organelles in the cell.It also helps transport cargo needed for cell function such as vesicles made by the endoplasmic reticulum, endosomes, and lysosomes . Dynein is involved in the movement of chromosomes and positioning the mitotic spindles for cell division.Dynein carries organelles, vesicles and possibly microtubule fragments along the axons of neurons toward the cell body in a process called retrograde axoplasmic transport.

Functions of Cytoplasmic Dynein.

http://en.wikipedia.org/wiki/Dynein

Cytoplasmic dynein, found in all animal cells and possibly plant cells as well, performs functions necessary for cell survival such as organelle transport and centrosome assembly.Cytoplasmic dynein moves processively along the microtubule; that is, one or the other of its stalks is always attached to the microtubule so that the dynein can "walk" a considerable distance along a microtubule without detaching.

Function of Axonemal Dynein.

http://en.wikipedia.org/wiki/Dynein

Axonemal dynein causes sliding of microtubules in the axonemes of cilia and flagella and is found only in cells that have those structures.

BP to Spend $9 Billion on Australia Fuel Stations, Exploration.

http://www.bloomberg.com/news/2014-08-22/bp-to-spend-9-billion-on-australia-fuel-stations-exploration.html

BP Plc (BP/), the operator of the biggest oil refinery in Australia, plans to spend A$10 billion ($9.3 billion) this decade expanding its filling station network and developing oil and gas projects such as the Browse venture.

The company will open a dozen new filling stations during the next 12 months while seeking to increase the fleet through acquisitions, Andy Holmes, the president of BP’s Australasia business, said in an interview. He declined to elaborate on potential takeover targets. The London-based group will spend about A$2.3 billion over the next five years on its downstream unit that also includes the Kwinana refinery in Perth.

BP is seeking to expand its retail business even as it scales back refining in Australia while companies including Trafigura Beheer BV, the world’s third-largest independent oil trader, and Vitol Group gain a foothold in the industry. The company will also spend more than A$1 billion on a deep-water drilling campaign off the southern coast, Holmes said.

“The big opportunities we’re after is at the customer end of the business,” Holmes said at an Australian British Chamber of Commerce event in Melbourne today. “Filling stations, or truck stops, or motorway stations, that’s the area where we’re turning up our focus.”

The company owns about 330 of the 1,300 BP-branded filling stations in Australia. It will halt operations at its Bulwer Island refinery in Queensland by mid-2015 and may convert the facility into a fuel-import terminal amid competition from Asia.

Retail Business

BP also has an interest in fields that will feed the Chevron Corp.-operated Gorgon liquefied natural gas project, along with a stake in the North West Shelf Venture and the Browse LNG project. The company will start its deep-water drill campaign in the Great Australian Bight in 2016, Holmes said.

“We have ambitions to further grow our upstream presence,” Holmes said in a speech at the event. “We believe the Great Australian Bight can prove to be a new hydrocarbon basin. BP is also heavily invested in the development of the Browse gas resource.”

A driver fills up his car with fuel at a BP Plc gas station in Sydney, Australia.

Cytoplasmic.

http://en.wikipedia.org/wiki/Dynein

• heavy chain: DYNC1H1, DYNC2H1
• intermediate chain: DYNC1I1, DYNC1I2
• light intermediate chain: DYNC1LI1, DYNC1LI2, DYNC2LI1
• light chain: DYNLL1, DYNLL2, DYNLRB1, DYNLRB2, DYNLT1, DYNLT3

Axonemal.

http://en.wikipedia.org/wiki/Dynein

• heavy chain: DNAH1, DNAH2, DNAH3, DNAH5, DNAH6, DNAH7, DNAH8, DNAH9, DNAH10, DNAH11, DNAH12,DNAH13, DNAH14, DNAH17
• intermediate chain: DNAI1, DNAI2
• light intermediate chain: DNALI1
• light chain: DNAL1, DNAL4