Dow climbed 115, advancers over decliners better than 3-2 & NAZ shot up 140. The MLP index dropped 4+ to 147 & the REIT index added 1+ to 367. Junk bond funds edged higher & Treasuries were off slightly. Oil fell to the 45s & gold dropped 15 to 1828 as stocks were being purchased.
AMJ (Alerian MLP index tracking fund)
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Pres Trump called on Congress to include a fresh round of stimulus checks for American families in the next coronavirus relief package as the year-end deadline for a deal looms. "Right now, I want to see checks – for more money than they're talking about – going to people," Trump said. "I'm pushing it very hard, and to be honest with you, if the Democrats really wanted to do the deal, they'd do the deal." Trump has privately indicated that he would support sending a direct cash payment of up to $2K. The federal gov sent out $1200 stimulus checks earlier this year to Ms of Americans as part of the $2.2T CARES Act, which Congress passed in Mar. His comments come amid a renewed push on Capitol Hill to pass another round of emergency aid for families & workers still reeling from the pandemic before the end of the year. A group of bipartisan senators unveiled a $908B framework 2 weeks ago that's garnered support from Dem leaders, including House Speaker Nancy Pelosi & Senate Minority Leader Chuck Schumer. The aid package allocates about $300B in funding for small businesses thru the Paycheck Protection Program, $240B in aid for state & local govs, $180B to extend boosted unemployment benefits at $300 per week thru Mar & includes liability protections for businesses that remain open during the pandemic.
Trump calls for second stimulus check 'right now' as coronavirus relief deadline looms
Lawmakers' ability to break a longstanding logjam & send more help will play a massive role in how much more the crisis ravages Americans' health & wallets. Congressional leaders aim to approve both pandemic aid & a spending package before gov funding lapses Sat. Reps & Dems still need to strike a deal on both fronts with only days to spare before Ms would face eviction or the loss of unemployment benefits. A bipartisan group hopes to spur movement toward legislation that can get thru the GOP-controlled Senate & Dem-held House. Lawmakers from both chambers plan to release a $908B rescue bill today. Rep Josh Gottheimer & co-chair of the bipartisan House Problem Solvers Caucus that helped to spark the deal, said he hoped the bill would help to shape a proposal Congress can pass this week. “It doesn’t have to be every single word that we hand [congressional leaders] … but this is a clear road map for them,” he said. Members of both parties have stressed the need to send relief before they go home for the holidays. What they have not agreed on since Apr is what help exactly the health-care system & economy need until widespread vaccination reins in a disease killing thousands of Americans every week. In one sign of efforts to find consensus, Nancy Pelosi & Treasury Secretary Steve Mnuchin spoke for about 30 minutes yesterday about spending & stimulus & they plan to talk again today. But Congress faces a challenge in trying to resolve several sticking points before Fri.
Bipartisan group to release Covid relief bill as Congress faces pressure to send help
An EU diplomat said that there "might now be a narrow path" to a Bresit trade deal "visible," but only "if negotiators can clear the remaining hurdles in the next few days." "There has been some progress in the negotiations over the last few days, but sometimes substantial gaps still need to be bridged," said a 2nd EU diplomat said that chief negotiator Michel Barnier was "more upbeat" than in his previous appraisal of the Brexit talks. "There seems to be movement but a deal is still far from certain," they added. It comes after the 2 sides agreed to "go the extra mile" & continue discussions on a trade deal ahead of the end of the transition. Barnier earlier updated the bloc's ambassadors on the state of play in the talks.
EU diplomat says 'narrow path' to a Brexit trade deal is 'visible'
The vaccine is being given to health workers & more vaccines are waiting for approval. Investors are very happy with the vaccine news. Meanwhile the long awaited new stimulus package remains stuck in the mud. No progress on the package should be expected until the deadline on Fri night, if not later.
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