Dow climbed 257 to a new record, advancers over decliners better than 3-2 & NAZ jumped 260 (another record). The MLP index gave back 1+ to 157 & the REIT index soared 7+ to the 376s. Junk bond funds crawled higher & Treasuries were up a tad. Oil remained strong in the 53s & gold leaped 27 to 1867 (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)
The coronavirus vaccine developed by Pfizer ,.(PFE) & BioNTech (BNTX) is likely to be just as effective against a highly transmissible mutant strain of the virus that was discovered in the UK, according to a study by the 2 companies. The variant was estimated to have first emerged in the UK in Sep. It has an unusually high number of mutations & is associated with more efficient & rapid transmission. The characteristics of the variant had led to concerns about the effectiveness of Covid vaccines against it. However, research published on preprint server bioRxiv showed “no biologically significant difference in neutralization activity” between the laboratory tests on B.1.1.7 & the original strain of the coronavirus. The study, which has not yet been peer-reviewed, found that all of the mutations associated with the newly discovered variant were neutralized by antibodies in the blood of 16 participants who had previously been given the vaccine. Half of the participants were ages 18-55 & the other ½ were 56-85. Authors of the study warned that the rapid spread of Covid variants worldwide required “continuous monitoring of the significance of changes for maintained protection by currently authorized vaccines.” It is the first paper of its kind to be completed by a major Covid vaccine maker. Other drug companies are scrambling to conduct tests on the effectiveness of their own respective inoculations.
Pfizer-BioNTech vaccine found to be effective against Covid variant found in
Health insurer UnitedHealth (UNH) beat quarterly profit estimates for Q4,
helped partly by lower medical costs due to fewer elective surgeries as
hospitals made room for Covid-19 patients. For the most part of
last year, health insurers gained as people afraid of contracting the
virus also avoided hospital visits for routine & elective medical
procedures during the height of the pandemic. UNH
reported a medical loss ratio — the percentage of premiums paid out for
medical services — of 79.1% in Q4, improving from 82.5%
a year earlier, capped by Covid-19 testing, treatment & vaccine
costs. Its profit was impacted by a recovery in
demand for health-care services & rise in costs related to its
programs to make Covid-19 testing & treatment more accessible for its
customers. UNH maintained its 2021 profit
forecast from Dec & said it expected adjusted EPS of
$17.75-18.25, including a $1.80 hit due to
treatment & testing costs related to Covid-19. Adjusted EPS were $2.52 in Q4,
beating estimates of $2.41. The stock was off 1.85.
If you would like to learn more about UNH, click on this link:
club.ino.com/trend/analysis/stock/UNH?a_aid=CD3289&a_bid=6ae5b6f7
UnitedHealth profit beats on lower medical costs due to deferred care
Gold futures climbed, notching their highest finish in
nearly 2 weeks, as expectations for further fiscal stimulus measures
under the Biden administration pressured the $, boosting
prices for the $-denominated precious metal. More gov spending would create more debt, which would lead to a
weaker $, which can boost prices for gold. The greenback was
little changed today,
but traded lower for the week so far. Even so, Yellen
said the US “does not seek a weaker currency to gain competitive
advantage,” as the Biden administration attempts to extricate the
country from a virus-induced recession. Feb gold climbed by $26 (1.4%) to settle at $1866 an ounce — the
highest finish for a most-active contract since Jan 7. Bullish gold investors made the case that accommodative central banks
across the globe & Biden's legislative agenda, highlighted by an
ambitious $1.9T coronavirus relief proposal, will ultimately
provide support for gold & weaken the greenback. The ECB tomorrow is expected to emphasize its intention to
maintain easy-money policies as the viral outbreak continues to hobble
the eurozone economy & cause fresh lockdowns.
Gold ends at a nearly 2-week high on talk of further U.S. fiscal stimulus
Oil futures ended higher for a 2nd straight session, as traders penciled in expectations for aggressive pandemic aid spending by the administration of Pres Biden. West Texas Intermediate (WTI) crude for Feb rose 26¢ (0.5%) to settle at $53.24 a barrel. March WTI, which became the front-month contract at the day’s settlement, climbed by 33 (0.6%) to finish at $53.31 a barrel. Mar Brent crude , the global benchmark, rose 18¢ (0.3%) at $56.08 a barrel.
Oil prices rise for 2nd session in a row as President Biden takes office
Dow Jones Industrials
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