Stimulus talk helps stocks gain traction; Boeing boosts Dow Jones
- Investors would be justified at looking skeptically at any fiscal
stimulus headlines. But the positive noises coming out of Washington
that a
(relatively) small deal is on the table is enough for market that's lost
some of the recent momentum.
- The latest is Senate Majority Leader Mitch McConnell calling for
passing a targeted bill now on the issues where both sides agree. GOP
Rep.
Tom Reed said earlier he thought McConnell would agree to a $600B relief
bill. Democrats have called a $900B bipartisan proposal a good launching
off point.
- The S&P (SP500) +0.2% is still in record territory. The Nasdaq (COMP)
+0.4% is performing better, helped by Tesla +3%, the one megacap
gaining, and Micron +2%, up after a DRAM fab outage that could boost
prices.
- The Dow (DJI) is benefiting from Boeing +7% rising to prices not seen
since mid-March after Ryanair increased its 737 MAX order by 75 planes.
- Nine out of 11 S&P sectors are in the green now, with just
Communications Services (NYSEARCA:XLC) and Utilities (NYSEARCA:XLU)
slipping.
- Energy (NYSEARCA:XLE) is the leader. Crude futures +0.6% are above
$45/barrel with OPEC+ reportedly agreeing to a gradual output increase of
500K barrels for three months.
- Kroger is the biggest decliner in the S&P after it missed top-line
forecasts.
|Today, 11:30 AM|2 Comments
- Investors would be justified at looking skeptically at any fiscal
stimulus headlines. But the positive noises coming out of Washington
that a
(relatively) small deal is on the table is enough for market that's lost
some of the recent momentum.
- The latest is Senate Majority Leader Mitch McConnell calling for
passing a targeted bill now on the issues where both sides agree. GOP
Rep.
Tom Reed said earlier he thought McConnell would agree to a $600B relief
bill. Democrats have called a $900B bipartisan proposal a good launching
off point.
- The S&P (SP500) +0.2% is still in record territory. The Nasdaq (COMP)
+0.4% is performing better, helped by Tesla +3%, the one megacap
gaining, and Micron +2%, up after a DRAM fab outage that could boost
prices.
- The Dow (DJI) is benefiting from Boeing +7% rising to prices not seen
since mid-March after Ryanair increased its 737 MAX order by 75 planes.
- Nine out of 11 S&P sectors are in the green now, with just
Communications Services (NYSEARCA:XLC) and Utilities (NYSEARCA:XLU)
slipping.
- Energy (NYSEARCA:XLE) is the leader. Crude futures +0.6% are above
$45/barrel with OPEC+ reportedly agreeing to a gradual output increase of
500K barrels for three months.
- Kroger is the biggest decliner in the S&P after it missed top-line
forecasts.
|Today, 11:30 AM|2 Comments
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