Dow went up 132, advancers over decliners better than 3-1 & NAZ gained 39. The MLP index added 1+ to the 139s & the REIT index rose 2+ to the 369s. Junk bond funds fluctuated & Treasuries slid a little lower in price. Oil climbed higher in the 48s & gold rose 5 to 1888.
AMJ (Alerian MLP index tracking fund)
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Senate Majority Leader Mitch McConnell introduced his own version of a bill to increase the $600 stimulus checks from the coronavirus relief package to $2000, but also included 2 other major priorities for Pres Trump. The
legislation would also repeal Section 230, the controversial liability
protection for online platforms & create a committee on the
Election Assistance Commission to study election integrity. McConnell set the table for a bill to address these 3 issues in his floor remarks yesterday. "During
this process, the president highlighted three additional issues of
national significance he would like to see Congress tackle together,"
McConnell said, before listing off Trump's grievances about the
amount of the stimulus payment, Section 230 & the election. "Those are the three important subjects the president has linked
together," McConnell said. "This week, the Senate will begin a process
to bring these three priorities into focus." The remarks were not a
firm promise that any of these issues would receive a vote or that
McConnell would push particularly hard for them. And McConnell's bill
itself is unlikely to gain the support of the 60 senators that would be
needed to break a filibuster. Some Reps, especially the handful
who have already said they favor $2000 stimulus checks, would likely
back the bill, but most Dems probably will not vote for it due to
the other issues McConnell's bill addresses. What McConnell's
bill could do, however, is allow GOP senators who want to be able to say
they voted for $2000 stimulus checks to do so while protecting
priorities of the majority of his caucus which has previously opposed
the checks.
McConnell introduces his own bill on $2,000 stimulus checks, Trump priorities
China's National Bureau of Statistics revised the national growth rate for 2019 lower with major cuts in the manufacturing sector. The downward adjustment gives the country a lower base from which to report growth for 2020. GDP last year now rose only 6.0% to 98.6T yuan ($15T), versus 6.1% as previously reported. The primary reason by far was a 503B yuan ($77B) reduction in manufacturing, or about 2% of the sector's original contribution to growth in 2019. China's National Bureau of Statistics revised the national growth rate for 2019 lower with major cuts in the manufacturing sector. China regularly revises its GDP figures, often toward the end of the year. Many doubt the accuracy of the statistics as local govs typically face political pressure to meet pre-set growth targets. This year, in the wake of the coronavirus pandemic, the central Chinese gov made a rare decision not to announce a GDP growth target. Analysts generally anticipate growth of around 2% in 2020.
China revises 2019 GDP lower with a $77 billion cut to manufacturingThe coronavirus vaccine developed by the University of Oxford & AstraZeneca (AZN) was authorized for emergency use in the UK, marking another step in the global battle against the pandemic. The
shot is expected to be rolled out next week & will be added to a
Covid-19 immunization program started by Britain in Dec. The AZN vaccine is cheaper than others & does not need to
be kept at ultra-low temperatures required by the other vaccines. AZN said the first doses of the vaccine were being
released Wed “so that vaccinations may begin early in the New
Year.” It added that it “aims to supply millions of doses in the
first quarter” as part of its deal with the UK gov to supply up
to 100M doses in total. As a 2-dose vaccine, the agreement
means up to 50M people in the UK, which has a population of
around 66M, could be inoculated. However, the UK. gov said that the Joint Committee on Vaccination & Immunization,
which advises it on immunization programs, had recommended that the
“priority should be to give as many people in at-risk groups their first
dose, rather than providing the required two doses in as short a time
as possible.” “Everyone will still receive their 2nd dose &
this will be within 12 weeks of their first. The 2nd dose completes
the course 2 is important for longer term protection,” it added. UK
gov minister Michael Gove said that the approval of the
Oxford-AstraZeneca vaccine could accelerate the lifting of strict
lockdowns in the country, which effectively canceled Christmas
festivities for Ms. The stock rose 56¢.
If you would like to learn more about AZN, click on this link:
club.ino.com/trend/analysis/stock/AZN?a_aid=CD3289&a_bid=6ae5b6f7
Oxford-AstraZeneca Covid vaccine approved by UK regulator
Investors are feeling good again & willing to bid stock averages higher. The Dow is at a new record while NAZ is inches away. Of course a lot is riding on a stimulus bill in Congress & its futures continues to be uncertain, although those guys in DC should be expected to come up with something (good or bad). The news on vaccines remains very good.
Dow Jones Industrials
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