Dow slid back 21. advancers slightly above decliners & NAZ was off 7. The MLP index fell 1 to 171 & the REIT index rebounded 2+ to 463. Junk bond fund & Treasuries were both a little higher. Oil fell to the 69s & gold jumped 15 to 1779.
AMJ (Alerian MLP index tracking fund)
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Sen Mitch McConnell, the Senate minority leader called out his Dem colleagues for essentially pushing Reps aside when it comes to legislation & said his party will not come to their aid to raise the debt ceiling. "Since Democrats decided to go it alone, they will not get Senate Republicans’ help with raising the debt limit," he said yesterday. "I’ve explained this clearly and consistently for over two months. We do not have divided government. Democrats do not need our help. They have every tool to address the debt limit on their own." His comments upped the ante in the face-off between 2 parties & could mean the federal gov runs out of cash. McConnell is not alone, many Reps say they wouldn’t "supply any votes for an effort to raise the government’s borrowing limit in protest to Democrats’ plans to move trillions of dollars in new spending through Congress." Among the many issues opposed by Reps is the push to include a pathway to citizenship in the multi-trillion-dollar reconciliation package. Reps like Sen Lindsey Graham seized on Senate Parliamentarian Elizabeth MacDonough’s ruling on Sun against Dems who want immigration added onto the bill. Graham on Twitter praised the decision that he said "reinforced long held traditions of the Senate that major policy changes should be done collaboratively and not through the reconciliation process." Congress has until Sep 30 to pass legislation to avert a gov shutdown.
McConnell says Republicans will not help with raising debt limit
US homebuilding accelerated in Aug despite the ongoing materials shortage. Housing starts rose 3.9% last month to a seasonally adjusted
annualized rate of 1.6M, the Commerce Dept said. The forecast were expecting 1.56M starts. Permits for future construction jumped 6% month over month to 1.73M, ahead of the 1.6M that was anticipated. Supply chain disruptions caused by the pandemic have left builders
grappling with materials shortages & higher costs following the
reopening of the US economy. But homebuilding could accelerate
further in Sep after the National Association of Home
Builders/Wells Fargo Housing Market Index released yesterday showed builder
sentiment ticked up one point in Sep as some materials prices
fell & demand remained strong. Although soaring lumber prices
began to ease in May, many builders did not see relief until recently,
as higher-priced materials had yet to work their way thru the
economy. The cost of strand board, a common material used in homebuilding, had
soared by more than 500% this year. The increased costs added $36K to
the price of building a new home.
Homebuilding rebounds in August
Johnson & Johnson (JNJ), a Dow stock & Dividend Aristocrat, said its Covid-19 booster shot is 94% effective when
administered 2 months after the first dose in the US. It
also said the booster increases antibody levels by 4-6 times
compared with one shot alone. A JNJ booster dose given 6
months out from the first shot appears to be potentially even more
protective against Covid, the company added, generating antibodies
twelvefold higher 4 weeks after the boost, regardless of age. When
given as a booster, the vaccine remained well tolerated, with side
effects generally consistent with those seen after the initial dose,
according to JNJ. “We now have generated evidence that a
booster shot further increases protection against COVID-19 and is
expected to extend the duration of protection significantly,” JNJ
chief scientific officer Dr Paul Stoffels said. The
new data helps JNJ make a case to the
Food & Drug Administration to authorize a booster shot to some 14.8M Americans who have received the company's single-dose vaccine. The 94% efficacy rate for the JNJ booster shot is for the US. Globally, a booster shot given about 2 months after the
first dose is 75% effective against symptomatic infection. It also demonstrated 100% effectiveness against severe &
critical disease, it added. The stock went up 99¢.
If you would like to learn more about JNJ, click on this link:
club.ino.com/trend/analysis/stock/JNJ?a_aid=CD3289&a_bid=6ae5b6f7
J&J says Covid booster shot is 94% effective in the U.S. when given two months after first dose
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