“We’re not holding it up, she’s holding it up,” President Trump said in a TV interview Thursday. “She wants to wait until after the election. She thinks it hurts the Republicans.” It hurts Democrats.
Treasury Secretary Mnuchin said Thursday that Nancy Pelosi’s “all or nothing approach does not make sense for the American people,” though he and the administration are “not giving up” in the search for an agreement.
President Trump indicated he would be open to calling Ms. Pelosi on the stimulus. “But I know my people. I know life. She has got a lot of problems. She has got a lot of mental problems and it is going to be very hard to do anything with her.”
Both President Trump and Secretary Mnuchin said they would like to deploy left-over funds from the March aid/relief/stimulus act. Leader McConnell (R-KY) has a vote planned next wk to using the money to help small businesses, though Democrats have opposed a piecemeal approach to providing assistance.
Secretary Mnuchin said that there is $300-B left from the CARES Act that is “sitting in the Treasury bank account right now, ready to go” if Congress could approve it for repurposing.
“Stop Nancy – reverse course! The People want and need a stimulus package. Do not leave our Thanksgiving tables and our minds of hope, empty. Approve a stimulus bill in whole or in part, without politicking.
“Personally, I believe in a highly focused, piecemeal/step-by-step bill, say $1-B to $1.5-B, for aid to the airline industry and individualized stimulus checks first. If that approach is used, they would get the aid need NOW (pre-election) to the most critical area – the individual and the very hurting, yet most critical airline industry. This could easily be done by both sides, with each taking credit for the Bill itself.
“Most importantly, it would set aside partisan election politicking, caused by the Bill, including the non-defined allotments bailouts aka Pork, to the badly managed and wasteful spending States. It would further force the States to redefine their needs and hopefully reduce the bill’s Pork Barreling which was overtly contained in the first Stimulus Bill.” says economist Bruce WD Barren, a regular LTN contributor.
Thursday, the US benchmark indexes responded and bounced off of the intraday lows and finished flat at: DJIA -19.80 to 28494.14, NAS Comp -54.86 to 11713.80, S&P 500 -5.33 to 3483.34
Volume: Trade on the NYSE came in light at 758-B/shares exchanged.
HeffX-LTN’s overall technical out for the major US stock market indexes is Bullish with a Very Bullish bias.
- NAS Comp +30.6% YTD
- S&P 500 +7.8% YTD
- DJIA -0.2% YTD
- Russell 2000 -1.8% YTD
Looking Ahead: Investors will receive Retail Sales for September, Industrial Production and Capacity Utilization for September, the preliminary University of Michigan Index of Consumer Sentiment (MSI) for October, Business Inventories for August, and Net Long-term TIC Flows for August Friday.
Have a healthy day, Keep the Faith!