Dow advanced 122, advancers over decliners 3-2 & NAZ added 7 (good enough for a new record). The MLP index rose 1+ to the 192s & the REIT index went up 1+ to 451. Junk bond funds were bid higher & Treasuries saw a little selling. Oil went above 73 & gold dropped 27 to 1753.
AMJ (Alerian MLP index tracking fund)
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Sen Mitch McConnell, the Senate minority leader, called on Pres Biden to use his office to pressure Dem leaders to de-link the bipartisan infrastructure deal & a much larger spending bill. A bipartisan group of senators came up with a bill that invests nearly $1T in the country’s infrastructure. There is a 2nd bill that would advance under reconciliation, which is a special rule that allows for passage with solely majority Dems' votes. That bill comes with a price tag that is swelling to as much as $6T The House Speaker Nancy Pelosi said her chamber would not take up the bipartisan bill until the Senate first acted on the larger Dem-backed bill. Biden reiterated Sat that he was not conditioning one or the other. McConnell said Biden was right to separate the proposals, but he is now calling on Biden to "engage" Pelosi & Sen.Chuck Schumer, the Senate majority leader, to make sure they follow his lead.
McConnell urges Biden to pressure Pelosi, Schumer on infrastructure bill
US home prices soared by the most on record in Apr as the Covid-19 pandemic accelerated the flight out of city centers & into the suburbs. Home
prices rose 14.6% year over year nationally in Apr, according to the
national Case-Shiller index, making for the highest reading in more than
30 years of recordkeeping. Prices are now 34.9% above their 2006 peak. "April’s
performance was truly extraordinary," said Craig Lazzara, managing
director & global head of index investment strategy at S&P Dow
Jones Indices. The
20-city composite increased 14.9% from a year ago, up from a 12.9% gain
the previous month. All 20 cities reported price increases versus last
year with Phoenix (+22.3%), San Diego (+21.6%) & Seattle (+20.2%)
continuing to see the biggest gains. Chicago (+9.9%) had the smallest
increase.
Home prices surge by most on record as buyers flee to the suburbs
Moderna (MRNA) said its Covid-19 vaccine showed promise in a lab setting
against coronavirus variants, including the highly contagious delta
variant first identified in India. The 2-dose mRNA vaccine
produced neutralizing antibodies against delta as well as beta and eta,
variants first found in South Africa & Nigeria, respectively. The
company said the results were based on the blood serum of 8
participants one week after they received the 2nd dose of the
vaccine. The data hasn't yet been peer reviewed. The results, while
promising, may not reflect how the vaccines actually perform in real
world scenarios against the variants. “We remain committed to studying emerging variants, generating data
and sharing it as it becomes available,” CEO Stephane Bancel
said. “These new data are encouraging and reinforce
our belief that the Moderna COVID-19 Vaccine should remain protective
against newly detected variants.” This update comes days after World Health Organization officials urged fully vaccinated people to continue to wear masks, social distance & practice other pandemic safety measures as delta spreads rapidly across the globe. Delta,
now in at least 92 countries, including the US, is expected
to become the dominant variant of the disease worldwide. In the US,
the prevalence of the variant is doubling about every 2 weeks. The stock jumped 12 (6%).
If you would like to learn more about MRNA, click on this link:
club.ino.com/trend/analysis/stock/MRNA?a_aid=CD3289&a_bid=6ae5b6f7
Moderna says Covid vaccine shows promise in a lab setting against variants
Investors like what they see in the news. However the status of the infrastructure bill is unclear, whether it's a stand alone bill or is linked to the larger pork bill. The Treasury market is watching inflation data unfold.
Dow Jones Industrials
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