Dow advanced 378 going over 28K at session highs, advancers over decliners better than 2-1 check & NAZ added 67 for another record. The MLP index fell 1 to the 128s & the REIT index was up 1+ ti the 356s. Junk bond funds crawled higher & Treasuries continued to be largely flattish in price. Oil was about even in the 42s & gold fell 15 to 1931 (more on both below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
New coronavirus cases in the US grew by nearly 49K Fri, marking 7 consecutive days the daily count fell below 50K as the nation gradually descends from a summer of outbreaks. The coronavirus has infected more than 5.6M people in the US, roughly a ¼ of the globe's reported cases, according to Johns Hopkins University. The US recorded at least 1100 deaths Fri, bringing its death toll above 175K. “I think we’re seeing progress over the last four weeks, I hope that progress will continue, but I think none of us should turn away from the recognition that it’s key each of us recognize we want to make sure Covid stops with us,” Centers for Disease Control & Prevention Director Robert Redfield said. There are more than 10 states reporting growing cases, based on a 7-day moving average to smooth out daily reporting & many of the states are in the Midwest, including Iowa, Kansas, Illinois, North Dakota & South Dakota. While new US cases have fallen by nearly 17% compared with a week ago, based on a 7-day average, public health experts have recently questioned the accuracy of some declines due to reduced testing.
Daily coronavirus cases in the U.S. fall below 50,000 for seven straight days after summer surge
Global div payments plunged to their lowest level in more than a decade, as companies moved to protect their balance sheets amid the pandemic, dealing a massive blow to investors that rely on the payouts for growing their wealth. Total shareholder payouts fell by $108B to $382B, the lowest Q2 total since 2012, according to Janus Henderson's index of global payouts. The 22% decline was the worst since the asset manager launched the index in 2009. Divs fell in every region of the world, except in North America, thanks in particular to resilience among Canadian companies, where divs grew 4.1%, making Canada one of only 2 major countries to see payments increase. The report noted that US companies set their divs once a year & pay them in 4 equal installments starting from the 4th qtr, meaning investors are more likely to see the impact of the pandemic on payouts near the end of the year. The worst-affected regions were Europe & the UK, which saw falls of 45% & 54% respectively on an underlying basis.
Global dividends suffer worst quarterly fall since financial crisis
Motiva Enterprises began preparations to shut the nation's largest crude oil refinery ahead of expected heavy rains from tropical storms Marco & Laura this week. Shutting the 607K barrel-per-day (bpd) Port Arthur, Texas, refinery could take up to 2 days. During 2017's Hurricane Harvey, about 5 feet of rain fell on the refinery in late Aug, forcing MTVD to completely shut down for nearly 2 weeks. In 2018, because of the disruption during Harvey, the company cancelled plans to expand the refinery, citing the threat of heavy flooding in the low-lying Port Arthur area during a future tropical storm. Motiva is owned by Saudi Aramco & in 2019 bought a petrochemical plant in Port Arthur next to the refinery.
Largest US oil refinery scrambling to close as 2 monster systems stalk coasts
Gold futures fell as global equity markets saw sharp gains
fueled by optimism over a potential COVID-19 treatment, pushing prices
for the metal to its lowest settlement in about a month. The move for gold came as the Food & Drug Administration said it authorized use of convalescent plasma,
the antibody-rich blood component taken from recovered COVID-19
patients, for the treatment of serious coronavirus cases, which was
giving some life to risky assets like stocks. A stock market rally dulled demand for precious metals, which have been viewed as a
hedge against the uncertainty fostered by the COVID-19 pandemic & the Ts that central banks & govs have spent to limit the
debilitating impact to businesses globally. Medical experts said the treatment may provide benefits to
those battling the disease, but that there isn't conclusive evidence of
its effectiveness, while questions remain about when it should be
administered and dosage. Dec gold fell $7 (0.4%) to settle at $1939 an ounce, That was
the lowest finish for a most-active contract in a month.
Gold ends at lowest in a month as potential COVID-19 treatment boosts the stock market
Oil futures settled higher,
getting a boost from reductions to crude & natural-gas output in the
Gulf of Mexico due to storms in the region. Oct West Texas
Intermediate oil rose 28¢ (0.7%) to settle at $42.62 a barrel. That marked the first increase for a
front-month contract in 3 sessions.
Oil futures gain as Gulf of Mexico storms lead to energy output reductions
Stocks rose at the opening & held those gains for the entire session. NAZ had a gain which took it to another record close. The NAZ is up a staggering 27% YTD while the Dow is down 230 (1%) despite all the tumult regarding the virus & economic shutdown.
Dow Jones Industrials
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