Dow went up 83, advancers over decliners 2-1 & NAZ gained 38. The MLP index was even in the 147s & the REIT index rose 2+ to 366. Junk bond funds fluctuated & Treasuries were mixed. Oil climbed in the 47s & gold soared 19 to 1851.
AMJ (Alerian MLP index tracking fund)
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The staff of the Food & Drug Administration (FDA) endorsed the emergency use of Moderna's (MRNA) coronavirus vaccine, a critical step forward in winning formal
clearance to be administered to the public as early as next week. The
staff report is meant to brief the FDA's Vaccines & Related
Biological Products Advisory Committee, which meets Thurs to review
MRNA's request for emergency use authorization. The group of outside medical advisors recommended Pfizer's (PFE) vaccine for emergency use last Thurs & the FDA approved it the
next day. The committee is expected to recommend MRNA's vaccine. The FDA staff said it determined that the clinical trial
results & safety data were “consistent with the recommendations set
forth in FDA’s Guidance on Emergency Use Authorization for Vaccines to
Prevent COVID-19.” “FDA has determined that the Sponsor has
provided adequate information to ensure the vaccine’s quality and
consistency for authorization of the product under an EUA,” it said. The
documents are “enormously encouraging,” said Dr.Paul Offit, a voting
member on the committee, adding they show there are now 2 highly
effective vaccines. MRNA
is asking the FDA to approve the use in people age 18 & over. The stock fell 4.48 to 150+.
If you would like to learn more about MRNA, click on this link:
club.ino.com/trend/analysis/stock/MRNA?a_aid=CD3289&a_bid=6ae5b6f7
FDA staff endorses emergency use of Moderna’s Covid vaccine in a critical step toward approval
A top Senate Dem joined a growing number of rank-&-file lawmakers in backing a scaled-back coronavirus relief deal that excludes fiscal relief for states & local govs — a top priority for House Speaker Nancy Pelosi. Senate Minority Whip Dick Durbin, the #2 Senate Dem, called on Pelosi to set aside her demands for a massive multitrillion-dollar aid package & back the $748B bipartisan measure. “There is no excuse for the speaker or the leader, you’ve got to give us a vote,” Durbin said yesterday. The $748B, released by a dozen centrist senators yesterday, includes funding for education, vaccine distribution, transportation, small business relief & federal unemployment aid. A more controversial $160 billion add-on would include aid for state & local govs & a liability shield for businesses against COVID-related lawsuits — the 2 thorniest issues that have plagued negotiations for months. The bipartisan group said they all back the narrower measure & urged leaders to bring it to the floor for a vote this week. "This is our consensus bill," Durbin said. "We all agree on it. It’s ready to go."
Top Senate Dem takes aim at Pelosi over delays on coronavirus relief deal
US industrial production growth slowed slightly in Nov, weighed down by a sharp decline in utility output. Industrial output rose 0.4% in Nov, the Federal Reserve reported. The forecast called for a 0.2% gain. Production in Oct was revised to a 0.9% gain from the initial estimate of a 1.1% gain. Production remains 5% below pre-pandemic levels. Manufacturing advanced 0.8% last month, led by a strong 5.3% gain in motor vehicles & parts production. The output of utilities declined 4.3% as warmer-than-usual temperatures in the month reduced demand. Mining production, which includes oil drilling, rose 2.3% in Nov after a 0.7% decline in the prior month. Capacity utilization increased 0.3 percentage point in Nov to 73.3%, 6.5 percentage points below its long-run average but 9.1 percentage points above its Apr low. Manufacturing has been a bright spot in the economic recovery but the recent spike in COVID-19 cases has led to slower activity.
U.S. industrial output growth slips in November, pulled lower by utilities
Traders are twiddling their thumbs, hoping for a stimulus package this week. Meanwhile, the vaccine news is encouraging with more in the wings while the economic recovery is stumbling (as expected).
Dow Jones Industrials
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