Dow vaulted 686, advancers over decliners 6-1 & NAZ jumped 320. The MLP index soared 7+ to the 161s & the REIT index advanced 5 to 387. Junk bond funds rose along with stocks & Treasuries continued in strong demand, bringing lower yields. Oil climbed in the 61s & gold gained 12 to 1740.
AMJ (Alerian MLP index tracking fund)
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The Food & Drug Administration (FDA) announced that it had issued an emergency use authorization for the Johnson & Johnson Covid-19 vaccine, the 3rd overall. “The authorization of this vaccine expands the availability of
vaccines, the best medical prevention method for COVID-19, to help us in
the fight against this pandemic, which has claimed over half a million
lives in the United States,” said Acting FDA Commissioner Dr Janet Woodcock “The FDA, through our open and transparent scientific review process,
has now authorized three COVID-19 vaccines with the urgency called for
during this pandemic, using the agency’s rigorous standards for safety,
effectiveness and manufacturing quality needed to support emergency use
authorization.” The
FDA said tests on the Janssen Biotech vaccine was about 67%
effective in preventing moderate to severe cases within 14 days after
dosing & 66% effective against severe to critical cases after 28 days. Unlike the previous vaccines, which are more effective, it takes just one shot. The stock rose 1.69.
If you would like to learn more about JNJ, click on this link:
club.ino.com/trend/analysis/stock/JNJa_aid=CD3289&a_bid=6ae5b6f7
Johnson & Johnson COVID-19 vaccine 3rd to receive emergency use authorization
More than one M Americans were lifted out of poverty in Jan as a result of federal stimulus checks & additional unemployment benefits, according to economists at the University of Chicago & University of Notre Dame. It's the first drop in poverty since the summer, they said, though they cautioned the gains may quickly erode absent of more relief. Federal lawmakers in Dec passed a $900B Covid-19 relief measure that offered $600 stimulus checks & a $300 weekly boost in jobless benefits. It also extended unemployment benefits to those who don't typically qualify, like self-employed & gig workers. That cash infusion led the US poverty rate to fall to 11.3% in Jan, from 11.8% in Dec. That means about 1.6M people fell from the ranks of the poor as the gov began distributing payments. The reduction marks a turnaround from the growing hardship that emerged after CARES Act pandemic relief began to dry up last year. More than 8M people fell into povertybetween Jun-Dec.
Stimulus checks, unemployment benefits lift 1.6 million Americans out of poverty
American manufacturers grew in Feb at the fastest pace since the onset of the pandemic & business leaders are increasingly optimistic about the economy, a new survey showed. The Institute for Supply Management (ISM) said its manufacturing index rose to 60.8% last month from 58.7% in Jan & matched a 2-year high. Readings over 50% indicate growth & anything over 55% is considered exceptional. The increase surpassed expectations which expected the the ISM index to total 58.9%. The biggest worry? A shortage of certain key materials such as semiconductors are pushing prices higher & in some cases constraining production. That could lead to an increase in inflation & even hinder the recovery. New orders, production & employment all improved last month. The index for new orders advanced 3.7 points to 64.8% while the production gauge increased 2.5 points to 63.2% The employment barometer also climbed for the 3rd month in a row — to 54.4% from 52.6% — despite higher absenteeism & a dearth of skilled labor. The increase in employment bodes well for the US jobs report for Feb. The current prediction is for the number of new jobs created to rise to 240K from a meager 49K in Jan. 16 of the 18 industries tracked by ISM expanded in Feb. The ISM index is compiled from a poll of senior execs who are asked whether business is getting better or worse. The gauge tends to rise or fall in tandem with the health of the economy. Manufacturers have led the economic recovery & production has returned close to normal. Businesses are even more optimistic about the next year. Orders are increasing in anticipation of strong sales as the vaccines do their work & more gov stimulus is pumped into the economy. The Biden administration is on the verge of passing another federal aid package that could total close to $2T.
U.S. manufacturers growing at fastest pace since start of pandemic, ISM finds
Excitement over the new vaccine brought out buyers in droves. The news on the economy didn't hurt. For the time being inflation fears, which brought on selling last week, has receded. But those fears have not gone away. Negative thinking investors are buying safe haven gold & Treasuries.
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