Dow went up 23, decliners slightly ahead of advancers & NAZ added all of 1. The MLP index fell 1+ to 131 & the REIT index edged up to the 358s. Junk bond funds did little while Treasuries rose in price. Oil was steady in the 42s & gold skyrocketed ahead once again, jumping 22 to 2072 for another record.
AMJ (Alerian MLP Index tracking fund)
The number of Americans applying for unemployment benefits fell to the lowest level since the coronavirus pandemic started in mid-Mar. The latest jobless claims figures from the Labor Dept show that more than 1.18M workers sought aid last week, pushing the total number since the shutdown began to more than 55M. The forecast called for 1.4M new claims. The report comes amid escalating fears that a flare-up in COVID-19 cases & a fresh round of business closures will derail the economy's early recovery just as the supplemental $600 in unemployment benefits expired. But the figure -- the lowest since Mar 14, just as the pandemic brought the economy to a grinding halt -- indicates there's still some driving power behind the job market's turnaround, even as employers continue to slash jobs. It marks the 20th consecutive week that jobless claims came in above 1M; before the pandemic, the record high was 695K, set in 1982. Continuing claims, the number of people receiving benefits after an initial week of aid fell by 844K to 16.1M. The Labor Dept's Jul jobs report, to be released tomorrow will shed light on whether a fresh round of business closures amid a spike in COVID-19 cases is dampening the nation's economic & jobs market recovery. It's expected to show the economy added 1.6M jobs last month, down from Jun's gain of 4.8M, a record high. Analysts anticipate unemployment will edge lower to 10.5% from 11.1%.
McConnell and Pelosi think there will be a coronavirus relief deal — but huge differences remain
Job cuts announced by US-based employers jumped in Jul to 263K, the 3rd-largest monthly total ever, according to global outplacement firm Challenger, Gray & Christmas. The Jul total is 54% higher than the 170K job cuts announced in Jun. Last month's cuts bring the yearly total so far to 1.85M, more than triple the 592K cuts at this time last year, Challenger said.
Job-cut announcements surge 54% in July to third highest level on record: Challenger
The jobless claims data remains mediocre when compared to the low numbers around 0.2K early this year. More importantly, stocks meander while those guys in DC try to figure out how to throw around Bs of $s.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 42.26 | +0.07 | +0.2% |
| GC=F | Gold | 2,076.70 | +27.40 | +1.3% |
The number of Americans applying for unemployment benefits fell to the lowest level since the coronavirus pandemic started in mid-Mar. The latest jobless claims figures from the Labor Dept show that more than 1.18M workers sought aid last week, pushing the total number since the shutdown began to more than 55M. The forecast called for 1.4M new claims. The report comes amid escalating fears that a flare-up in COVID-19 cases & a fresh round of business closures will derail the economy's early recovery just as the supplemental $600 in unemployment benefits expired. But the figure -- the lowest since Mar 14, just as the pandemic brought the economy to a grinding halt -- indicates there's still some driving power behind the job market's turnaround, even as employers continue to slash jobs. It marks the 20th consecutive week that jobless claims came in above 1M; before the pandemic, the record high was 695K, set in 1982. Continuing claims, the number of people receiving benefits after an initial week of aid fell by 844K to 16.1M. The Labor Dept's Jul jobs report, to be released tomorrow will shed light on whether a fresh round of business closures amid a spike in COVID-19 cases is dampening the nation's economic & jobs market recovery. It's expected to show the economy added 1.6M jobs last month, down from Jun's gain of 4.8M, a record high. Analysts anticipate unemployment will edge lower to 10.5% from 11.1%.
Weekly jobless applications fall to lowest level since start of pandemic
The 2 most powerful lawmakers in DC
believe Congress will strike a coronavirus relief agreement. But both
said that negotiators have major differences to resolve during
an increasingly bitter process. “Exactly when that deal comes
together I can’t tell you, but I think it will at some point in the near
future,” Rep Senate Majority Leader Mitch McConnell said. Speaking after McConnell, House Speaker Nanci Pelosi, also said she expects an agreement to boost an economy & health-care system devastated by the pandemic. Negotiators
have struggled to craft an aid bill that could pass both chambers of
Congress as Dems & Reps try to hash out a bevy of
disputes. The sides have to decide how to extend extra federal
unemployment insurance, continue a moratorium on evictions from
federally backed housing, help schools educate students safely & offer
relief to cash-strapped state & local govs. Pelosi & Senate Minority Leader Chuck Schumer have repeatedly cited progress after a series of meetings with Treasury Secretary Steve Mnuchin & White House chief of staff Mark Meadows.
But they have so far failed to reach an accord. The 4 officials plan
to meet later today. “Will we find a solution? We will,” Pelosi said. “Will we have an agreement? We will.”
McConnell and Pelosi think there will be a coronavirus relief deal — but huge differences remain
Job cuts announced by US-based employers jumped in Jul to 263K, the 3rd-largest monthly total ever, according to global outplacement firm Challenger, Gray & Christmas. The Jul total is 54% higher than the 170K job cuts announced in Jun. Last month's cuts bring the yearly total so far to 1.85M, more than triple the 592K cuts at this time last year, Challenger said.
Job-cut announcements surge 54% in July to third highest level on record: Challenger
The jobless claims data remains mediocre when compared to the low numbers around 0.2K early this year. More importantly, stocks meander while those guys in DC try to figure out how to throw around Bs of $s.
Dow Jones Industrials
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