Dow was off 112, advancers were modestly ahead of decliners & NAZ bounced back 82. The MLP index added 1+ to the 192 & the REIT index fell3+ to the 483s. Junk bond funds fluctuated & Treasuries were a little higher in price. Oil gained 1+ to 80 & gold went up 12 to 1811.
AMJ (Alerian MLP index tracking fund)
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Jamie Dimon said the US is headed for the best economic growth in decades. “We’re going to have the best growth we’ve ever had this year, I think since maybe sometime after the Great Depression,” Dimon said. “Next year will be pretty good too.” Dimon, the longtime CEO of JPMorgan Chase (JPM), a Dow stock, said his confidence stems from the robust balance sheet of the American consumer. JPM is the biggest US bank by assets & has relationships with ½ of the country's households. “The consumer balance sheet has never been in better shape; they’re spending 25% more today than pre-Covid,” Dimon added. “Their debt-service ratio is better than it’s been since we’ve been keeping records for 50 years.” Dimon said growth will come even as the Fed raises rates possibly more than investors expect. “It’s possible that inflation is worse than they think and they raise rates more than people think,” Dimon said. “I personally would be surprised if it’s just four increases.” Dimon has expressed expectations for higher rates before. Banks tend to prosper in rising-rate environments because their lending margins expand as rates climb. “The market is different,” he said. “We’re kind of expecting that the market will have a lot of volatility this year as rates go up and people kind of redo projections.” “If we’re lucky, the Fed can slow things down and we’ll have what they call a `soft landing’,” Dimon added.
Jamie Dimon sees the best economic growth in decades, more than 4 Fed rate hikes this year
Federal Reserve Vice Chair Richard Clarida said he would resign from the central bank on Fri, 2 weeks before his term on the central bank's board is set to end. His resignation follows questions raised over financial transactions he conducted at the onset of the coronavirus pandemic. The Fed announced his resignation yesterday, on the eve of Fed Chair Jerome Powell's Senate confirmation hearing. Pres Biden had earlier nominated Fed governor Lael Brainard to become vice chair. The Senate Banking Committee is scheduled to consider her confirmation on Thurs.
Fed Vice Chairman Clarida to resign Friday, two weeks before term's end
Apple (AAPL), a Dow & NAZ stock, said that it paid developers $60B in 2021, or $260B total since the App Store launched in 2008. It's a figure that
suggests App Store sales continue to grow at a rapid clip. By
comparison, AAPL said in 2019 it had paid developers a total of $155B since 2008. And at the end of 2020, it said it had paid $200B, an increase of $45B. Today's figures show a jump of $60B. The statistic came as part of a broader announcement from AAPL
meant to show momentum for its services business, which is an important
signal for investors & analysts, who like to see AAPL not only
making money from selling hardware but also thru selling services &
apps to its customers, such as app downloads. AAPL's payments to
developers account for 70-85% of its total gross from
its App Store, which takes 15-30% of sales from digital
purchases made in apps. The stock rose 1.40.
If you would like to learn more about AAPL click on this link:
club.ino.com/trend/analysis/stock/AAPLa_aid=CD3289&a_bid=6ae5b6f
Apple implies it generated record revenue from the App Store during 2021
Dow Jones Industrials
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