Dow jumped 323, advancers over decliners better than 3-1 & NAZ soared 301. The MLP index was about even in the 174s & the REIT index rose 4+ to the 392s. Junk bond funds crawled higher & Treasuries were sold. Oil jumped 1+ to the 65s & gold added 2 to 1723.
AMJ (Alerian MLP index tracking fund)
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The number of Americans filing for first-time unemployment benefits inched down last week as coronavirus caseloads drop nationwide & many states rolled back restrictions on business activity. Figures from the Labor Dept show that 712K Americans filed first-time jobless claims last week, lower than the 725K forecast. Weekly jobless claims have remained stubbornly high for months, hovering around 4 times the typical pre-crisis level, although it's well below the peak of almost 7M that was reached when stay-at-home orders were first issued a year ago in Mar. There are roughly 10M fewer jobs than there were last year in Feb before the crisis began. Continuing claims, the number of Americans who are consecutively receiving unemployment aid, fell to 4.1M, a decline of 193K from the previous week. The report shows that roughly 20M Americans were collecting jobless benefits for the latest week, an increase of 2.08M from the prior week.
Another 712,000 Americans filed for unemployment benefits last week
OPEC raised
its forecast for global oil-demand growth in 2021. In its monthly
report, OPEC said it sees demand growth of 5.89M barrels a day
this year, compared with a previous estimate of 5.79M barrels a
day. That brings total world demand to 96.27M barrels a day from a
previous outlook of 96.05M barrels a day. Non-OPEC liquids supply
for 2021 is forecast to grow by 950K barrels a day to average 63.8B barrels a day, OPEC said, adding that "upstream capital spending
in 2021 is expected to remain well below 2019 levels, mainly due to the
significantly lower projected investment in U.S. shale." OPEC said its
US liquids supply growth forecast for 2021
remained unchanged at 160K barrels a day, though tight crude output
is forecast to decline by 100K barrels a day year-over-year, though
"uncertainties persist."
while uncertainties persist.
OPEC raises forecast for 2021 world oil-demand growth
Senators are already working on Pres Joe Biden’s next legislative priority, a major transportation package at the heart of Biden's “Build Back Better” plan, with the aim of getting the entire bill passed with Rep support by the end of Sep. Sen Tom Carper, who heads the Environment & Public Works panel, said that he is confident Dems can get at least 10 Reps to sign on to the proposal, which would enable them to pass it without resorting to budget reconciliation. The bill, which is expected to cost at least $2T, would modernize the nation's infrastructure while creating Ms of manufacturing & clean energy jobs to “rebuild our roads, our bridges, our ports, and to make them more climate resilient,” Biden said shortly after taking office. Although infrastructure reform has bipartisan support, the specifics are up for debate. Take clean energy, which Sen Shelley Moore Capito (R. W.Va.) said “isn’t just wind & solar power,” adding that it includes everything from low-carbon natural gas to “electricity generated conventionally from fuels like coal with innovative technologies.”
Democrats Want Biden’s Infrastructure Plan Signed Into Law by September
Optimism is riding high. All predictions are for the global economy to have a year of growth. However rising interest rates & dysfunctional DC have not gone away. Dow is at a new record & NAZ is near its recent record. Enjoy!!
Dow Jones Industrials
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