“Wall Street Bulls closed out a winning wk as the S&P 500 marked its 5th gainer running, and its biggest wkly extension since November 2020“– Paul Ebeling
Republican lawmakers decry Mr. Biden’s $1.9-T American Rescue Plan as classic Washington Pork.
Both Republican and Democrat lawmakers need to focus on getting USDs to The People who really need it. Those are small business owners, working families and those people whose jobs ended by the virus chaos.
Instead what we see is classic Washington Pork. Washington’s budget and spending process is broken. There is $350-M in Mr. Biden’s proposed spending idea to stave off the economic impact of the virus allocated for bailouts for badly managed blue states and cities. Those entities have chronic money mismanagement. They always relying on American taxpayers to continually bail them out. And that is just not acceptable.
House Speaker Nancy Pelosi (D-CA) says that a $15/hr minimum wage remained a high priority for Democrats. The Senate does not agree, as of Friday Mr. Biden’s proposed $15/hr minimum wage was not included in a budget resolution passed by the Senate. That does not mean it will not happen, but a $15/hr federal minimum wage would be devastating for America’s hardest-hit small businesses at a time when they can least afford it.
Meanwhile, the market shrugged off the January soft NFPs as investors have focused on the prospects for another huge aid/relief/stimulus package from Washington.
Friday, the benchmark US major stock market indexes finished at: DJIA +92.38 at 31148.24, NAS Comp +78.55 at 13856.30, S&P 500 +15.09 at 3886.83
Volume: Trade on the NYSE came in at 938-M/shares exchanged.
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias for the week ending 5 February 2021, as all Key technical indicators for the S&P 500 have turned Very Bullish and the overhead resistance is Nil.
- Russell 2000 +13.1% YTD
- NAS Comp +7.5% YTD
- S&P 500 +3.5% YTD
- DJIA +1.8% YTD
Looking Ahead: Investors will not receive any notable economic data Monday.
Have a healthy weekend, Keep the Faith!