Dow went up 113 (under session highs), advancers over decliners 5-2 & NAZ rose 37. The MLP index added 1+ to the 117s & the REIT index gained 3+ to the 352s. Junk bonds funds were bid higher & Treasuries continued to be sold. Oil rose above 41 & gold crawled up 2 to 1914 (more on both below).
AMJ (Alerian MLP Index tracking fund)
House Speaker Nancy Pelosi said Dems & the White House have moved closer to a coronavirus stimulus deal ahead of her latest call with Treasury Secretary Steve Mnuchin. She downplayed the importance of a deadline she had set to strike an agreement before the end of the day, signaling she would keep talks going. To have legislation ready before Election Day, lawmakers would have to come to a deal & write a bill before the end of the week, she added. “It isn’t that this day was a day that we would have a deal, it was a day that we would have our terms on the table to be able to go to the next step,” Pelosi continued. Pelosi & Mnuchin's conversation today will continue a desperate scurry to reach a relief agreement before the Nov election. Dems & the Trump administration have struggled for months to overcome fundamental disagreement about what the gov needs to do to lift a health-care system & economy sagging under the weight of the pandemic. Before the phone call, the sides had narrowed their target for an overall relief price tag: the White House increased its offer to nearly $1.9T, short of the $2.2T legislation House Dems passed earlier this month. After yesterday's conversation between the pair, Pelosi spokesman Drew Hammill said the speaker had tasked House committee chairs with resolving remaining disputes over issues including a national testing strategy, an expansion of tax credits & relief for state & local govs. Currently, Pelosi said the White House has “come a long way” on a national testing strategy & offered legislative language that addresses the disproportionate effects of the outbreak on people of color. She added that the sides still have not bridged a gulf over 2 of their biggest differences throughout the talks: state & local gov aid & liability protections for businesses. Pelosi said she expects to have a proposal countering the White House's offer on both of those provisions before she speaks to the Treasury secretary.
Pelosi says Dems and White House are moving closer to a stimulus deal, downplays Tuesday deadline
General Motors (GM) is investing $2.2B in its US manufacturing
operations, largely to increase production of electric vehicles, the
company announced. The investment is the latest for the automaker as it pivots toward EVs under GM CEO Mary Barra's “triple zero” vision of zero crashes, zero emissions & zero congestion -- an overarching goal for the company. Since
Mar 2019, GM has committed to invest more than $4.5B in 3
US manufacturing sites to prepare for EV-related production. The
company has previously said it plans to release at least 20 new electric
vehicles globally by 2023, including the upcoming GMC Hummer EV, which will be unveiled tonight. “We
are committed to investing in the U.S., our employees and our
communities,” Barra said. “These investments underscore
the success of our vehicles today, and our vision of an all-electric
future.” The $2.2B in new investments will occur in the coming years.
The stock went up 2.24.
If you would like to learn more about GM, click on this link:
club.ino.com/trend/analysis/stock/GM?a_aid=CD3289&a_bid=6ae5b6f7
GM to invest $2.2 billion in U.S. manufacturing to increase EV production
Gold futures scored back-to-back session gains, with weakness in the $ helping to lift prices to their highest settlement in just over a week. Traders also eyed progress tied to potential COVID-19 vaccines & a long-sought fresh round of coronavirus relief for American workers & businesses hobbled by the pandemic. Dec gold rose $3 to settle at $1915 an ounce, following a 0.3% gain yesterday. The settlement was the highest for a most-active contract since Oct 12. The longer-term outlook for bullion under a regime of greater fiscal aid, however, is still expected to be bullish.
Gold scores back-to-back gains, settles at highest in over a week
Oil futures shook off earlier declines to finish near the session's highest levels. Official weekly data on US petroleum supplies will be released
by the Energy Information Administration tomorrow &
analysts forecast a fall of 1.9M
barrels in domestic crude supplies. That would mark a 2nd-straight
weekly inventory decline. Data from trade group, the American Petroleum
Institute will come out today. Nov West Texas Intermediat (WTI),
which expired at the end of the day's session, rose 63¢
(1.5%) to end at $41.46 a barrel.
Dec WTI,
the new front-month contract, tacked on 64¢ (1.6%) to settle at $41.70.
Oil futures finish near the session's highs after shaking off losses
With interest rates close to zero, what more could the central bank do if the economy needs a boost? In the current circumstances, the Fed can't do as much as congressional lawmakers & public-health officials, Chicago Fed Pres Charles Evans said. “This is a public health safety shock. This is a lot about confidence of consumers, households and businesses being able to go out and do commerce. We really need fiscal and public health authorities to be supporting and improving the economic environment,” Evans said during a talk. The Fed is already buying $120B of Treasuries & mortgage-related debt per month to support financial markets and the economy. That's a larger pace than during the financial crisis. The Fed could eventually decide to buy more assets, Evans added. But the other gov actions are more important. “This is kind of countercultural,” Evans said, because monetary policy makers don't often say fiscal policy is so important, the Chicago Fed pres said. Fed officials will meet on Nov 4-5 to set monetary policy. Some experts think the Fed might decide to concentrate their Treasury purchases at the long-end of the curve.
Fed’s Evans says fiscal and health policies more important now than further central bank action
AMJ (Alerian MLP Index tracking fund)
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