Dow gained 249, advancers over decliners about 2-1 & NAZ went up 122 to year another record. The MLP index was off a tad to the 197s & the REIT index fell 2 to the 447s. Junk bond funds were mixed & Treasuries inched higher in price. Oil climbed over 73 & gold was flat at 1783.
AMJ (Alerian MLP index tracking fund)
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The number of Americans filing for first-time jobless benefits fell less
than expected last week & remains elevated as the economy continues
to battle through the effects of the COVID-19 pandemic. The Labor Dept showed 411K Americans filed for first-time
unemployment benefits last week, above the 380,000 that was expected. The prior week's reading was
revised higher by 6K to 418K. Continuing claims for the
latest week, meanwhile, fell by more than 140K to 3.4M. The forecast called for a decline to
3.47M. The
bigger-than-expected decline in continuing claims comes as at least 26
states have already ended or announced plans to end the additional $300
per week in supplemental benefits in an attempt to lure laborers back to
work. The US economy has 7.6M fewer workers than before the
pandemic.
Jobless claims slip, but remain at elevated pandemic levels
A rebound in transportation purchases helped drive an improving durable goods report. New orders for manufactured big-ticket items rose a seasonally adjusted 2.3% month-over-month in May, a reversal of Apr's surprise 1.3% decline, as reported by the Commerce Dept. Transportation equipment led the increase rising by $5.2B (7.6%) to $74.2B after 2 straight monthly declines. Aircraft orders, excluding defense, rose 27.4% slightly less than the prior month's 31.5% increase. Minus the transportation component, orders are anticipated to rise 0.3%, slightly lagging Apr's 1.0% pop. Orders for core capital goods, a closely watched proxy for business spending, dropped 0.1% in May, well below the previous month's 2.2% spike.
Durable goods jump as transportation orders rebound
Pres Biden will meet with Dem & Rep infrastructure negotiators at the White House, as senators say they have moved closer to a deal to revamp transportation, broadband & utilities. “White House senior staff had two productive meetings today with the bipartisan group of Senators who have been negotiating about infrastructure,” White House press secretary Jen Psaki said. “The group made progress towards an outline of a potential agreement, and the President has invited the group to come to the White House tomorrow to discuss this in-person.” The lawmakers have worked for weeks to craft a roughly $1T infrastructure package that could get thru Congress with support from both parties. Deciding how to pay for the plan has posed the biggest challenge & the senators have not finalized how a proposal would raise revenue. 21 senators, 11 Reps & 10 Dems, have backed the infrastructure framework. They will likely need to win support from Dem leaders to garner the 60 votes needed to pass the bill in the Dem-held Senate.
Biden invites infrastructure negotiators to White House as bipartisan group moves closer to a deal
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