Friday, President Trump said that he is in no hurry for Congress to pass more C-19 coronavirus related stimulus measures to help the economy.
“We are in no rush,” President Trump said while meeting with House Republicans who spent an hour taking turns complimenting and congratulating the President for his response to the coronavirus outbreak that has hammered the economy.
Congressional Democrats “want things, and we are happy with what has gone on, we got what we needed. But at the same time, we want to do what is right for the country.”
Larry Kudlow described talks about a next round of stimulus as “in a lull right now” in remarks Friday following the jobs report.
House Speaker Nancy Pelosi (D-CA) has said the next relief package should be “big and bold,” but she faces a divide in her party between between liberals who want an expansive package and moderates in tightly contested districts who want to compromise with Republicans.
Republicans are seeking their own new C-19 coronavirus measures, including liability protections for businesses that bring workers back to the job.
And President Trump seeks new tax cuts, including reducing or eliminating payroll taxes and capital gains taxes, which he says will encourage hiring and investment. He is also proposed restoring deductions for business entertainment at restaurants, to benefit the restaurant industry, and expanding write-offs for businesses’ capital expenses
Friday, the major US stock market indexes finished at: DJIA +455.43 at 24331.32, NAS Comp +141.66 at 9121.34, S&P 500 +48.61 at 2929.80
The gains were broad based, with all 11 S&P 500 sectors and all 30 Dow components closing in the Green.
Relative strength was found in the S&P 500 energy (+4.3%), industrials (+2.5%), materials (+2.4%), and consumer staples (+2.3%) sectors, while stocks in the healthcare sector (+0.5%) lagged.
Volume: Trade on the NYSE came in at 908-M/shares exchanged
- NAS Comp +1.7% YTD
- S&P 500 -9.3% YTD
- DJIA -14.7% YTD
- Russell 2000 -20.3% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias at the weekended 8 May 2020.
Looking Ahead: Investors will not receive any notable economic data Monday.
Have a healthy weekend, Keep the Faith!