Dow jumped up 1048 (off session highs after a very volatile day), advancers over decliners only 4-3 & NAZ climbed 430. The MLP index fell 8+ to 83 & the REIT index jumped up 18 to the 306s. Junk bond funds rose along with the stock market & Treasuries saw modest selling. Oil remained weak, dropping 1+ to 27 & gold recovered 44 to 1530.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
Treasury Secretary Steve Mnuchin announced that Pres Trump has authorized the deferral of $300B in IRS payments, as the US economy grapples with fallout from the coronavirus pandemic. “We encourage those Americans who can file their taxes to continue to file their taxes on Apr 15, because for many Americans, you will get tax refunds,” Mnuchin told reporters at a coronavirus update briefing. Mnuchin said individuals who owe a payment to the IRS can defer up to $1M. “The reason why we’re doing $1 million is [because] that covers lots of pass-throughs & small businesses,” the Treasury secretary added. Corps will be allowed to defer $10M, interest- & penalty-free, for 90 days. “All you have to do is file your taxes,” Mnuchin added. “You’ll automatically not get charged interest and penalties.” The administration is also considering sending checks to Americans as a way to combat the economic cost of the outbreak of the virus. States nationwide have forced bars, restaurants, casinos, theaters & other venues to close as a way to combat the spread of disease, leaving many workers unable to collect a paycheck. "We're looking at sending checks to Americans immediately," Mnuchin said. "Americans need cash now, and the president wants to get cash now. I mean now, in the next two weeks." Stocks rose during the briefing after the Dow cratered 3K yesterday.
The federal gov's response to the coronavirus pandemic could include "sending checks to Americans immediately," Steve Mnuchin said at a press conference with Pres Trump. "We're looking at sending checks to Americans immediately," Mnuchin said. "What we heard from hard-working Americans, many companies have now shut down, whether it's bars or restaurants. Americans need cash now, and the president wants to get cash now. I mean now, in the next two weeks." "Although the president likes the idea of a payroll tax holiday ... the payroll tax holiday would get people money over the next six to eight months," Mnuchin added. Mnuchin declined to say how much the checks would cover & said the administration would discuss the matter with Congress. Mnuchin's statement came shortly after it was confirmed the White House is pitching Senate Republicans on an $850B coronavirus relief package. On Fri, Trump urged Congress & to approve a payroll tax cut until the end of the year.
Mnuchin: Virus response could include sending checks to Americans 'immediately'
Amazon (AMZN) CEO Jeff Bezos, who also owns the Washington Post (WaPo), has reached out to the White House offering assistance during the coronavirus crisis. Pres Trump, a frequent critic of WaPo citing "fake news" stories on occasion, was asked about the specifics of the outreach during yesterday's coronavirus task force update. "I've heard that is true but I don't know that for a fact, some of my people, as I understand it, have been dealing with them or with him and that is nice," said Trump adding, "We have had tremendous support from a lot of people that can help and I believe he was one of them." AMZN confirmed that Bezos has been in contact with the administration without offering specific details. Separately, AMZN announced plans to hire 100K workers to handle the spike in online shopping due to the outbreak.
The UK gov has announced a raft of new financial measures to help businesses under strain from the coronavirus outbreak. Speaking at the gov's new daily press conference regarding the outbreak of coronavirus in the UK, Finance Minister Rishi Sunak announced announcing £330B ($398B) of gov-backed loans & guarantees. “We will support jobs, we will support incomes and we will support businesses ... we will do whatever it takes,” he said. “That means any businesses that needs access to cash ...will be able to access a government-backed loan,” he added. Sunak noted that the gov interventions in the economy being announced were “unimaginable” just weeks ago. Calling the pandemic an “economic emergency” as well as a public health one, Sunak announced more help for the most affected sectors of the economy, including tax cuts & grants. Among the measures announced in the package, Sunak said smaller businesses would be able to access cash grants of up to £25K to see them thru the crisis. He also said mortgage providers would also be able to provide a 3-month mortgage holiday to those in difficulty. Sunak said the UK's National Health Service (NHS), already under pressure before the coronavirus outbreak, would get “whatever” resources it needs. British businesses & various sectors most at risk from the virus — in terms of its impact on consumer behavior & restrictions put in place on movement — have warned the gov that they will need financial aid to survive the crisis. At most risk is the aviation & tourism sector, as well as the hospitality industry.
‘Whatever it takes’: UK pledges almost $400 billion to help businesses through coronavirus
Steve Mnuchin said that the stock traders & the White House are committed to keeping financial markets operating, even if it means reducing hours at some point. The comments came amid a pledge to do whatever it takes in terms of financing or regulations to keep the US economy operating. Markets soared on the comments, with the Dow industrials briefly gaining more than 1K. “Everybody wants to keep it open,” Mnuchin said at a news conference, responding to a question about stock market opeations. “We may get to a point where we shorten the hours if that’s something they need to do. But Americans should know we are going to do everything to make sure that they have access to the money in their banks, to the money in their 401(k)s and to money in stocks.” The stock market has seen whirlwind trading that has taken major averages like the Dow & S&P 500 into bear market territory at the fastest pace in history. A bear market is defined as 20% lower from 52-week highs, & the current one has been measured from a historic peak stocks hit in Feb. However, market leaders themselves have bristled at suggestions to shut down trading in hopes that a break can tame some of the volatility. Mnuchin's remarks came along with a vow to provide whatever help the economy needs. Particular focus has been on aid to small businesses impacted by the coronavirus crisis. The administration & congressional leaders have been locked in negotiations that are expected to bear fruit soon for a stimulus bill.
Treasury Secretary Mnuchin says financial markets will stay open, but could shorten trading hours
Facebook (FB) announced a $100M program to help small businesses as govs throughout the country urge gyms & restaurants to close their doors to slow the coronavirus pandemic. In a blog post announcing the grants, FB said, “We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.” The grants will be available for up to 30K eligible small businesses in over 30 countries, for an average of $3333 per business. It could help businesses experiencing a sharp drop in traffic, but it's a fraction of FB's typical revenue. The company generated $21B in Q4 alone. The company will begin accepting applications in coming weeks & said the program can help businesses with rent & operational costs, maintaining workforce & connecting with customers. FB has long prided itself on being a place where small businesses can market their services at an affordable price by targeting a small, relevant group of users. In an interview on Mon, COO Sheryl Sandberg said the marketing industry is bound to take a big hit as a result of the coronavirus fallout. “This is not going to business as usual, and the marketing industry is certainly going to see a real impact. I don’t think anyone knows how big,” she said. Sandberg said on her Facebook page today that the company is looking at ways to expand virtual training “to support businesses operating in this new and unsettling environment.” She said FB will have more to share over the next few weeks.
Facebook announces $100 million program for small businesses impacted by coronavirus
The midday announcements by Trump & Mnuchin brought out buyers, but the rest of the session saw 2 up & down swings. Throwing money at the problem warms the hearts of investors. However, now comes the bickering over how to spend the money & politics willl be heavily involved. It's encouraging to see cooperation by big businesses. Tomorrow could be another highly volatile day of tradinig on the reaction to proposals made today.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury Secretary Steve Mnuchin announced that Pres Trump has authorized the deferral of $300B in IRS payments, as the US economy grapples with fallout from the coronavirus pandemic. “We encourage those Americans who can file their taxes to continue to file their taxes on Apr 15, because for many Americans, you will get tax refunds,” Mnuchin told reporters at a coronavirus update briefing. Mnuchin said individuals who owe a payment to the IRS can defer up to $1M. “The reason why we’re doing $1 million is [because] that covers lots of pass-throughs & small businesses,” the Treasury secretary added. Corps will be allowed to defer $10M, interest- & penalty-free, for 90 days. “All you have to do is file your taxes,” Mnuchin added. “You’ll automatically not get charged interest and penalties.” The administration is also considering sending checks to Americans as a way to combat the economic cost of the outbreak of the virus. States nationwide have forced bars, restaurants, casinos, theaters & other venues to close as a way to combat the spread of disease, leaving many workers unable to collect a paycheck. "We're looking at sending checks to Americans immediately," Mnuchin said. "Americans need cash now, and the president wants to get cash now. I mean now, in the next two weeks." Stocks rose during the briefing after the Dow cratered 3K yesterday.
White House reveals major shift in tax dues to help blunt virus impact
The federal gov's response to the coronavirus pandemic could include "sending checks to Americans immediately," Steve Mnuchin said at a press conference with Pres Trump. "We're looking at sending checks to Americans immediately," Mnuchin said. "What we heard from hard-working Americans, many companies have now shut down, whether it's bars or restaurants. Americans need cash now, and the president wants to get cash now. I mean now, in the next two weeks." "Although the president likes the idea of a payroll tax holiday ... the payroll tax holiday would get people money over the next six to eight months," Mnuchin added. Mnuchin declined to say how much the checks would cover & said the administration would discuss the matter with Congress. Mnuchin's statement came shortly after it was confirmed the White House is pitching Senate Republicans on an $850B coronavirus relief package. On Fri, Trump urged Congress & to approve a payroll tax cut until the end of the year.
Mnuchin: Virus response could include sending checks to Americans 'immediately'
Amazon (AMZN) CEO Jeff Bezos, who also owns the Washington Post (WaPo), has reached out to the White House offering assistance during the coronavirus crisis. Pres Trump, a frequent critic of WaPo citing "fake news" stories on occasion, was asked about the specifics of the outreach during yesterday's coronavirus task force update. "I've heard that is true but I don't know that for a fact, some of my people, as I understand it, have been dealing with them or with him and that is nice," said Trump adding, "We have had tremendous support from a lot of people that can help and I believe he was one of them." AMZN confirmed that Bezos has been in contact with the administration without offering specific details. Separately, AMZN announced plans to hire 100K workers to handle the spike in online shopping due to the outbreak.
Amazon CEO Jeff Bezos offers coronavirus help to White House
The UK gov has announced a raft of new financial measures to help businesses under strain from the coronavirus outbreak. Speaking at the gov's new daily press conference regarding the outbreak of coronavirus in the UK, Finance Minister Rishi Sunak announced announcing £330B ($398B) of gov-backed loans & guarantees. “We will support jobs, we will support incomes and we will support businesses ... we will do whatever it takes,” he said. “That means any businesses that needs access to cash ...will be able to access a government-backed loan,” he added. Sunak noted that the gov interventions in the economy being announced were “unimaginable” just weeks ago. Calling the pandemic an “economic emergency” as well as a public health one, Sunak announced more help for the most affected sectors of the economy, including tax cuts & grants. Among the measures announced in the package, Sunak said smaller businesses would be able to access cash grants of up to £25K to see them thru the crisis. He also said mortgage providers would also be able to provide a 3-month mortgage holiday to those in difficulty. Sunak said the UK's National Health Service (NHS), already under pressure before the coronavirus outbreak, would get “whatever” resources it needs. British businesses & various sectors most at risk from the virus — in terms of its impact on consumer behavior & restrictions put in place on movement — have warned the gov that they will need financial aid to survive the crisis. At most risk is the aviation & tourism sector, as well as the hospitality industry.
‘Whatever it takes’: UK pledges almost $400 billion to help businesses through coronavirus
Steve Mnuchin said that the stock traders & the White House are committed to keeping financial markets operating, even if it means reducing hours at some point. The comments came amid a pledge to do whatever it takes in terms of financing or regulations to keep the US economy operating. Markets soared on the comments, with the Dow industrials briefly gaining more than 1K. “Everybody wants to keep it open,” Mnuchin said at a news conference, responding to a question about stock market opeations. “We may get to a point where we shorten the hours if that’s something they need to do. But Americans should know we are going to do everything to make sure that they have access to the money in their banks, to the money in their 401(k)s and to money in stocks.” The stock market has seen whirlwind trading that has taken major averages like the Dow & S&P 500 into bear market territory at the fastest pace in history. A bear market is defined as 20% lower from 52-week highs, & the current one has been measured from a historic peak stocks hit in Feb. However, market leaders themselves have bristled at suggestions to shut down trading in hopes that a break can tame some of the volatility. Mnuchin's remarks came along with a vow to provide whatever help the economy needs. Particular focus has been on aid to small businesses impacted by the coronavirus crisis. The administration & congressional leaders have been locked in negotiations that are expected to bear fruit soon for a stimulus bill.
Treasury Secretary Mnuchin says financial markets will stay open, but could shorten trading hours
Facebook (FB) announced a $100M program to help small businesses as govs throughout the country urge gyms & restaurants to close their doors to slow the coronavirus pandemic. In a blog post announcing the grants, FB said, “We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.” The grants will be available for up to 30K eligible small businesses in over 30 countries, for an average of $3333 per business. It could help businesses experiencing a sharp drop in traffic, but it's a fraction of FB's typical revenue. The company generated $21B in Q4 alone. The company will begin accepting applications in coming weeks & said the program can help businesses with rent & operational costs, maintaining workforce & connecting with customers. FB has long prided itself on being a place where small businesses can market their services at an affordable price by targeting a small, relevant group of users. In an interview on Mon, COO Sheryl Sandberg said the marketing industry is bound to take a big hit as a result of the coronavirus fallout. “This is not going to business as usual, and the marketing industry is certainly going to see a real impact. I don’t think anyone knows how big,” she said. Sandberg said on her Facebook page today that the company is looking at ways to expand virtual training “to support businesses operating in this new and unsettling environment.” She said FB will have more to share over the next few weeks.
Facebook announces $100 million program for small businesses impacted by coronavirus
The midday announcements by Trump & Mnuchin brought out buyers, but the rest of the session saw 2 up & down swings. Throwing money at the problem warms the hearts of investors. However, now comes the bickering over how to spend the money & politics willl be heavily involved. It's encouraging to see cooperation by big businesses. Tomorrow could be another highly volatile day of tradinig on the reaction to proposals made today.
Dow Jones Industrials
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