Fed Chairman Powell and Treasury Secretary Mnuchin testified before the House Financial Services Committee about the measures taken to support the economy.
Treasury Secretary Steven Mnuchin told Congress Tuesday that The Trump Administration wants the next round of economic aid/relief to focus supporting businesses like restaurants that have been hardest hit by the C-19 coronavirus chaos.
Secretary Mnuchin said he is talking to lawmakers about getting another round of relief approved by the end of July. He said those discussions included ways to use leftover funds from the $2.2-T 1st coronavirus relief bill signed by President Trump in late March.
There is about $128 billion in that program that has not been put out from the popular Paycheck Protection Program (PPP), which was designed to help businesses keep their workers on the payroll. The program, which had $659-M to use to support small businesses, will no longer be able to extend loans after Tuesday unless Congress approves an extension.
Testifying before the House Financial Services Committee, Secretary Mnuchin said that the administration is committed to “working with the House and the Senate so we can pass legislation by the end of July.”
Tuesday, the major US stock market indexes finished at: DJIA +217.08 at 25812.90, NAS Comp +184.61 at 10058.77, S&P 500 +47.05 at 3100.16
Volume: Trade on the NYSE came in at 1.2-B/shares exchanged.
The S&P 500 gained 1.5% Tuesday to finish a terrific Q-2, the NAS Comp (+1.9%) up on strength in its mega-cap and semiconductor components, and the DJIA increased 0.9%, and the Russell 2000 increased 1.4%.
The gains were broad, with all 11 S&P 500 sectors closing in the Green as 8 sectors rose at least 1.0%, including a 2% gain in the energy sector (+2.2%), while the utilities sector (+0.4%) lagged.
- NAS Comp +12.1% YTD
- S&P 500 -4.0% YTD
- DJIA -9.6% YTD
- Russell 2000 -13.6% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias for the Quarter ended 30 June 2020
Looking Ahead: Investors will receive the ISM Manufacturing Index for June, the ADP Employment Change report for June, the FOMC Minutes from the June meeting, Construction Spending for May, the weekly MBA Mortgage Applications Index, and auto and truck sales for June Wednesday.
Have a healthy day, Keep the Faith!