Dow pulled back 153, decliners were modestly ahead of advancers & NAZ went up 29. The MLP index added 1+ to the 208s & the REIT index was steady in the 458s. Junk bond funds did little & Treasuries were sold. Oil was fractionally higher to the 71s & gold fell 11 to 1868.
AMJ (Alerian MLP index tracking fund)
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American Express (AXP), a Dow stock, best known for its array of personal & corp cards, is making a push into territory held by banks & a growing list of fintech players. The
card company is launching its first checking account for small
businesses by leaning on technology acquired last year in the
acquisition of online lender Kabbage. The
product, called Kabbage Checking, is a no-fee digital account that pays
1.1% interest on up to $100K in balances. It includes mobile check
deposits, a debit card, bill pay & targeted savings features, &
access to a network of ATMs & retail locations for cash transactions. The stock fell 61¢.
If you would like to learn more about AXP, click on this link:
club.ino.com/trend/analysis/stock/AXP?a_aid=CD3289&a_bid=6ae5b6f7
AmEx puts Kabbage acquisition to work with card company’s first checking account
Leaders of the Group of Seven wealthy nations staked their claim to leading the world out of the coronavirus pandemic & crisis, pledging more than 1B coronavirus vaccine doses to poorer nations, vowing to help developing countries grow while fighting climate change & backing a minimum tax on multinational firms. At the group's first face-to-face meeting in 2 years, the leaders dangled promises of support for global health, green energy, infrastructure & education — all to demonstrate that international cooperation is back after the upheavals caused by the pandemic. During their summit, the G-7 leaders wanted to convey that the club of wealthy democracies is a better friend to poorer nations than authoritarian rivals such as China. "This isn’t about imposing our values on the rest of the world," British Prime Minister Boris Johnson said. "What we as the G-7 need to do is demonstrate the benefits of democracy and freedom and human rights to the rest of the world." Pres Biden, who was making his first foreign trip as leader, said it was an "extraordinary, collaborative and productive meeting" that showed "America’s back in the business of leading the world alongside nations who share our most deeply held values."
G-7 leaders agree on vaccines, China and taxing corporations
American consumers are spending more freely as the economy continues to open up, according to Bank of America (BAC) CEO Brian Moynihan. Transaction
volumes on customers' credit & debit cards & over the Zelle payment
network has grown by 20% so far this year compared to this point in
2019, Moynihan added. The comparison excludes 2020, an abnormal year in many respects because
the onset of the pandemic led to widespread stay-at-home orders. “People
got a lot of stimulus money and they’ve been spending it,” Moynihan
said. “The unemployment rate is coming down and people are going back to
work. People can go to amusement parks, they can go on an
inside-the-U.S. trip, they can go out to eat. You’re seeing everything
open.” Nearly all spending categories have recovered with the exception of
travel, which is still as much as 15% lower than in 2019, Moynihan said.
BAC is the 2nd biggest US bank by assets & has relationships with roughly ½ of American households. Stimulus
checks & bolstered unemployment benefits have pumped up customers’
checking accounts, Moynihan said. Accounts with about $1000-2000
in average balances are “up 6 to 7 times what they were before the
pandemic,” he noted. “They’re starting to spend a little of that
money,” Moynihan said. “The money’s still there and they’re spending as
they have opportunities.” The stock was off 31¢.
If you would like to learn more about BAC, click on this link:
club.ino.com/trend/analysis/stock/BAC?a_aid=CD3289&a_bid=6ae5b6f7
Bank of America CEO Brian Moynihan says consumer spending is 20% higher this year than 2019
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