“A tax cut would benefit Americans more than stimulus checks Vs printing more money” — Paul Ebeling
The Democrat-led House passed the $1.9-T American Rescue Plan Wednesday on a slim majority, 220-211, setting Mr. Biden up for a signing Friday after his 1st prime-time address Thursday night commemorating the attack on the US by the China virus that caused the Instant Recession.
House and Senate Republicans unanimously opposed Mr. Biden’s stimulus package, calling it a bloated bill loaded with liberal pork providing policies at a time when the VirusCasedemic is becoming manageable and the economy is in full growth mode and some, but not enough Democrats agreed.
“I would rather have individuals spend that money to stimulate the economy than the government and that’s what this bill does. It’s directing the government to add an additional $350 billion to spend any way they want with no guard rails,” Representative James Comer (R-KY) said Wednesday on TV.
Adding, “we are upset over the big government approach, the printing more money, creating inflation, all the bad things that the Democrats are doing right now is gonna have a negative impact on the economy, and that’s why Republicans were upset.
Wednesday, the benchmark US stock market indexes finished at: DJIA+464.28 at 32297.02, NAS Comp -4.99 to 13068.85, S&P 500 +23.37 at 3898.81 and Russell 2000 +1.8%, with the DJIA closing record highs.
Volume: Trade on the NYSE came in at 1.2-B/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish, sans the NAS Comp it is in a healthy correction mode so we are Neutral with a Bullish bias.
- Russell 2000 +15.7% YTD
- DJIA +5.5% YTD
- S&P 500 +3.8% YTD
- NAS Comp +1.4% YTD
Looking Ahead: Thursday investors will receive the weekly Initial and Continuing Claims report
Have a healthy day, Keep the Faith!