Dow gave back 73, but advancers over decliners 4-3 & NAZ retreated 60. The MLP index fell 1+ to the 163s & the REIT index was even in the 404s. Junk bond funds hardly budged in price & Treasuries were sold again (more below). Oil dipped below 61 & gold sank 29 to 1685.
AMJ (Alerian MLP index tracking fund)
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A single dose of Pfizer's (PFE) or Moderna's (MRNA) Covid-19 vaccine was 80% effective in preventing coronavirus infections, according to a new Centers for Disease Control & Prevention (CDC) study of vaccinated health-care workers. The effectiveness of partial immunization was seen 2 weeks after the first dose, according to the CDC, which looked at nearly 4K health-care personnel, first responders & front-line workers between Dec 14 & Mar 13. The health-care personnel & other essential workers in the study had no previous laboratory documentation of Covid-19 infection. 2 doses are better than one, federal health officials said, adding that the vaccines' effectiveness jumped to 90% 2 weeks after the 2nd dose. “These findings indicate that authorized mRNA COVID-19 vaccines are effective for preventing SARS-CoV-2 infection, regardless of symptom status, among working-age adults in real-world conditions,” the US agency wrote in the study. “COVID-19 vaccination is recommended for all eligible persons.” The new CDC findings are likely to bolster arguments from some health experts & public health officials that the US should prioritize giving Americans just one dose of the vaccines before moving on to 2nd doses, accelerating the pace of vaccinations across the nation. The CDC findings were published just minutes before the agency's director, Dr Rochelle Walensky, said during a press briefing that the US is facing “impending doom” as daily Covid-19 cases begin to rebound once again, threatening to send more people to the hospital even as vaccinations accelerate nationwide.
CDC study shows one dose of Pfizer or Moderna Covid vaccines was 80% effective
The 10-year Treasury yield rose & hit a 14-month high as coronavirus vaccine rollouts & planned infrastructure spending boosted expectations of a broad economic recovery & rising inflation. The yield on the benchmark 10-year Treasury note jumped to 1.749% & hit 1.776% earlier in the session, the first time trading around that level in Jan 2020. The yield on the 30-year Treasury bond rose to 2.432%. Yields move inversely to prices. The rise in yields comes a day ahead of Pres Biden revealing details of his infrastructure plan. The recovery package will include up to $3T in spending across a swathe of sectors in an effort to bolster the US economy. The move higher in yields comes amid increasing talk of inflation, as the US economy starts to bounce back. There were already concerns that the $1.9T stimulus spending package signed earlier this month could stoke rising prices amid the economic recovery from the pandemic.
10-year Treasury hits 14-month high as investors await infrastructure push
Consumer confidence surged in Mar to a one-year high as more Americans got vaccinated & the gov doled out $1400 stimulus checks in a boost to the economy. The index of consumer confidence shot up to 109.7 this month from a revised 90.4 in Feb, the Conference Board reported. The forecast called for a smaller increase to 96.8. The index stood close to a 20-year high of 132.6 in Feb of 2020 shortly before the coronavirus pandemic exploded in the US. Part of the survey that tracks how consumers feel about the economy right now also rose to the highest level since the onset of the coronavirus. The present situation index jumped to 110 from 89.6, though it's still only about 2/3 as high as it was before the pandemic started. The gov sent out $1400 stimulus payments to most families this month & extended emergency unemployment benefits. The pace of vaccinations has also accelerated sharply across most of the country. The combination of extra cash & more financial security is encouraging Americans to spend more. “Consumers’ renewed optimism boosted their purchasing intentions for homes, autos and several big-ticket items,” said Lynn Franco, senior director of economic indicators at the nonprofit board. One growing worry: Higher inflation, mainly at the gas pump. That “may temper spending intentions in the months ahead,” Franco said. Another gauge that assesses how Americans view the next 6 months —the future expectations index — leaped to 109.6 from 90.9, the highest level in 21 months. The economy is speeding up again after a winter lull, aided by fresh gov stimulus, rising vaccinations & a sharp decline in coronavirus cases compared to the end of last year. The prognosis for the next several months is good — so long as the coronavirus & its new variants don't make big inroads in the US like they are doing in Europe.
Consumer confidence surges in March to a pandemic high as economy speeds up
Stocks are churning as investors aare more concerned on rising interest rates which will impact all businesses. The economy is doing reasonably well under the circumstances which would imply more stimulus has to potential to be a negative that drives up inflation.
Dow Jones Industrials
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