Dow jumped 248, advancers over decliners 2-1 & NAZ went up 91. The MLP index fell 1+ to the 139s & the REIT index added 1+ to the 369s. Junk bond funds were flattish & Treasuries were purchased, attracted by thoughts of uncontrolled gov spending. Oil slid back in the 48s & gold was steady at 1883.
AMJ (Alerian MLP index tracking fund)
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Pres Trump signed a massive coronavirus relief & gov funding package into law yesterday, 5 days after he sent DC into a panic by suggesting he could veto the bill that he considered was a “disgrace.” He refused to approve the legislation for days after receiving it, blowing past a Sat deadline to prevent an estimated 14M people from temporarily losing unemployment insurance. The measure extends the expanded jobless benefits into Mar, but Ms are expected to lose a week of benefits covering these people due to the delay in signing the bill. Unemployed Americans eligible to receive a $300 weekly supplement will also get the additional money later than they could have. The pres called the bill a “disgrace” on Tues — after Congress already approved it following talks that included Treasury secretary, Steve Mnuchin. Trump claimed he opposed the bill because it included $600 rather than $2000 direct payments to most Americans & the $1.4T gov spending portion of the package included foreign aid money. After Trump expressed support for larger checks, Dems embraced his stance. The Dem-held House plans to vote on a measure to increase the payments to $2000 today, Trump said the Senate would also “start the process for a vote that increases checks to $2,000.” After Trump signed the bill, House Speaker Nancy Pelosi, urged Trump to push Reps to back the bill to boost the size of the cash deposits. She said “every Republican vote against this bill is a vote to deny the financial hardship that families face and to deny the American people the relief they need.” The pres also said he will send Congress a “formal rescission request” asking for what he called “wasteful items” to be removed from the bill. Lawmakers may not choose to cancel the previously approved money, as the legislation passed both chambers of Congress with overwhelming bipartisan support. Trump also said “Congress” — without specifying if both chambers agreed to the plan — “promised” that the Section 230 provision giving internet platforms legal liability protections “will be reviewed and either be terminated or substantially reformed.”
Trump signs Covid relief and government funding bill days after he suggested he would block it
The head of drugmaker AstraZeneca (AZN), which is developing a coronavirus vaccine widely expected to be approved by UK authorities this week,
said that researchers believe the shot will be effective against a
new variant of the virus driving a rapid surge in infections in Bgitian. CEO Pascal Soriot also said that
researchers developing its vaccine have figured out a “winning formula”
making the jab as effective as rival candidates. “We think we have figured out the winning formula and how to get
efficacy that, after two doses, is up there with everybody else,” Soriot added. “I can’t tell you more because we will publish at some point.” Britain's
gov says its medicines regulator is reviewing the final data
from AZN's phase 3 clinical trials. Reports said that the green light could come by Thurs & the
vaccines can start to be rolled out for the UK public in the first
week of Jan. The stock rose 1.05.
If you would like to learn more about AZN, click on this link:
club.ino.com/trend/analysis/stock/AZN?a_aid=CD3289&a_bid=6ae5b6f7
AstraZeneca's head says shot should be effective against new coronavirus variants
Britain urged businesses to prepare for Brexit, just days before a transition period designed to smooth the UK's departure from the EU comes to an end. Britain & the EU clinched a trade deal on Thurs - one which preserves zero-tariff & zero-quota access to the bloc's single market but which will still cause disruption. The transition period, under which Britain stayed aligned to the EU’s trading & regulatory rules, on Dec 31. “The deal is done, but with big change comes challenge and opportunity,” cabinet office minister Michael Gove said, adding that businesses need to adjust to Britain's departure from the EU Single Market & Customs Union. “There are practical and procedural changes that businesses and citizens need to get ready for, and time to make these final preparations is very short.”
UK urges businesses to prepare for Brexit as companies fear disruption: report
The relief package brought a sigh of relief to traders. Thoughts of Bs of $s going to fund wasteful spending overseas does doesn't bother them. But that did stimulate demand for Treasuries.
Dow Jones Industrials
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