Dow soared 577, advancers over decliners 4-1 & NAZ advanced 184. The MLP index gained 2+ to 148 & the REIT index added 1+ to the 382s. Junk bond funds rose along with stocks & Treasuries were bid higher. Oil jumped 1+ to 55 & gold tumbled 25 to 1838.
AMJ (Alerian MLP index tracking fund)
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Pres Biden & top congressional Dems signaled they intend to pass a large coronavirus relief bill — whether or not Rep lawmakers support it — even after a White House meeting with GOP senators yesterday. Although the group of 10 Rep senators described the meeting as "excellent" with a "very productive exchange of views," White House press secretary Jen Psaki said that Biden had urged lawmakers to act "boldly" on emergency aid & pointed out many areas where the 2 sides did not agree. "He reiterated that while he is hopeful that the Rescue Plan can pass with bipartisan support, a reconciliation package is a path to achieve that end," Psaki added. The coalition of more moderate GOP senators sent a letter to Biden Sun, seeking a meeting to start bipartisan negotiations on the next relief bill. In their opening salvo, the Reps offered a $618B relief measure, roughly 1/3 of the $1.9T proposal outlined by Biden at the beginning of Jan. The Rep counterproposal includes $300 a week in supplemental unemployment benefits thru Jun, $50B for small businesses including an additional $40B through the Paycheck Protection Program & a 3rd round of stimulus checks worth up to $1000 for Americans earning less than $50K (individuals earning less than $40K would receive the full payment).
Dems to push for partisan COVID-19 relief bill despite Biden-GOP meeting
American Airlines (AAL) workers should brace for another round of furlough warnings as the
airline expects to remain overstaffed on Apr 1, when US aid for
industry workers expires, CEO Doug Parker said. AAL
is among US airlines that received money from a $15B payroll
support package in Dec to protect workers' jobs & salaries
thru Mar, when the industry had hoped that pandemic-hit demand
would have recovered with vaccine rollouts. "What
hasn't happen is what we'd hoped would happen, that we'd get to April 1
and say oh my god ... everybody we have we're going to need them in the
July schedule," Parker said. US aviation unions are urging Congress to extend a 3rd round of payroll assistance, something Parker said he would support. "That's a much better solution than having people furloughed again when we know that this Covid-19 is months away from being eradicated," he added. The stock was off 6¢.
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club.ino.com/trend/analysis/stock/AAL?a_aid=CD3289&a_bid=6ae5b6f7
American Airlines CEO tells employees to brace for bad news
Dallas Federal Reserve Pres Robert Kaplan backed more spending across a variety of fronts as the economy tries to shake off the Covid-19 pandemic effects. Pres Biden has proposed spending $1.9T to provide more cash payouts & enhanced unemployment benefits to Americans, as well as a minimum wage hike, funding for vaccine programs & aid to schools along with state & local gov. Congressional Reps have set forth a more modest $618B plan that would provide lower direct payments & no funding for state & local govs. While not endorsing either plan, Kaplan said additional fiscal help is needed for an array of still-pressing priorities. “It’s critical we have money to do vaccinations and testing. It’s critical that people who are out of work have continued relief beyond March,” he said. “It’s critical we have enough money to reopen schools, and one of the big issues in this pandemic is women with children have disproportionately left the workforce. So getting schools reopened in person, having money for that and money for child care is going to critical to getting that group back into the workforce. We need it if we’re going to grow faster.”
Fed’s Kaplan stresses need for more spending to keep economic recovery going
Speculation is riding high in the stock market. GameStop (GME) plunged another 82 & silver lost 2.37 (8%) after its rise yesterday. These are trying times for investors, especially the timid ones. With speculative fever running high, more caution than usual is needed. For the time being the stimulus package is in limbo.
Dow Jones Industrials
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