Dow surged 526, advancers over decliners 4-1 & NAZ jumped 240. The MLP index added 1+ to 186 & the REIT index rose 2+ to the 453s. Junk bond funds edged higher & Treasuries were weak, taking yields higher. Oil went up in the 77s & gold slid back 4 to 1757.
AMJ (Alerian MLP index tracking fund)
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The number of Americans filing initial unemployment claims fell for the first time in 4 weeks as more workers rejoined the labor force following the expiration of supplemental jobless benefits. First-time
jobless filings fell by 38K to 326K last week,
according to the Labor Dept. The forecast was
expecting a drop to 348K. Continuing claims fell to a
pandemic-era low of 2.7M, down from the prior week's upwardly
revised 2.8M. The forecast expected a reading of 2.78M. The further decline in continuing claims comes less than 3 weeks after the expiration of the $300 per week in supplemental unemployment benefits. About 4.17M Americans received some form of unemployment
assistance, a decrease of more than 854K from the prior week. More
than 24.6M Americans filed for benefits during the comparable
week in 2020.
Initial jobless claims fall to 326,000 first dip in four weeks
United Airlines (UAL) is planning to ramp up its Dec schedule to 3500 domestic
flights a day, the most it's flown in the US. since the pandemic began,
expecting a surge in holiday travel. The airline's
schedule includes more capacity to ski & beach destinations, including
as many as 195 daily flights to 12 Florida airports, its most ever. UAL first announced its expansion of Florida service
last year, part of carriers' push to serve destinations that give
travelers the ability to physically distance during the pandemic &
also avoid other cities' limits on travel & other activities. Intl
travel remains hampered by ever-changing travel restrictions. The Biden
administration, however, has said it plans to lift Covid-era rules
barring many intl visitors in early Nov, replacing them
with vaccine & other requirements. Airline execs say
carriers' recovery is closely tied to a drop in case rates. UAL in
Sep said it trimmed its Q3 schedule following the surge
in Covid cases & a decline in bookings in late summer. UAL said flight searches on its website & app for holiday travel are up 16% compared with 2019. The stock rose 19¢.
If you would like to learn more about UAL, click on this link:
club.ino.com/trend/analysis/stock/UAL?a_aid=CD3289&a_bid=6ae5b6f7
United Airlines ramps up December domestic schedule to a pandemic high ahead of holidays
Senate Majority Leader Chuck Schumer announced that lawmakers have reached a deal on a short-term debt ceiling increase after hours of discussion with GOP leader Mitch McConnell. “I have some good news,” Schumer said from the Senate floor. “We have reached agreement to extend the debt ceiling thru early Dec & it's our hope that we can get this done as soon as today.” The agreement allows the debt limit to increase by $480B, according to people familiar with the deal, a sum the Treasury Dept estimates will allow it to pay bills until Dec 3. The announcement from the Senate's top Dem came less than a day after Minority Leader McConnell offered a stopgap solution to avert a looming gov default & subsequent economic downturn. The Senate will likely vote on the Schumer-McConnell proposal later today.
Lawmakers have a deal on a short-term debt ceiling increase, Senate Majority Leader Schumer says
Today's rally is far overdone for a crisis that was postponed 8 weeks in a congress that is dysfunctional. Fundamental problems have not gone away. High inflation is becoming clearer in stores & the southern border mess looks to be hopeless. Yields are climbing & gold is holding. But the bulls are happy today.
Dow Jones Industrials
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