The S&P 500 closed in on its February peak on Tuesday, returning to levels last seen before the reaction to COVID-19 that caused one of Wall Street’s most dramatic crashes in history, on hopes for more U.S. stimulus.
U.S. Treasury Secretary Steven Mnuchin said Monday that he believes Democrats are “willing to compromise” on a fourth COVID-19 stimulus package, saying that if there is a “fair deal,” the Trump administration will “do it this week.”
Ultra-low interest rates, trillions of dollars in stimulus and, more recently, a better-than-feared second-quarter earnings season have allowed all three of Wall Street’s main indexes to recover.
The tech-heavy Nasdaq has led the charge, boosted by “stay-at-home winners” Amazon.com Inc, Netflix Inc and Apple Inc. The blue-chip Dow surged 1.2%, coming within 5% of its February peak.
Value stocks outperformed tech-focused growth stocks on Tuesday, reflecting market’s confidence in improving economic outlook… Investors are now hoping Republicans and Democrats will resolve their differences and agree on another relief program to support about 30 million unemployed Americans…
The S&P 500 was set to rise for the eighth straight session, its longest streak of gains since April 2019.
MacDailyNews Take: Rebound! Hopefully, the next U.S. stimulus package will now happen soon and be targeted to help those who are really hurting from extended COVID-19 shutdowns.
Yes, corporations, Apple included, are giddy over getting an unearned infusion from the Socialist safety net rather than pulling themselves up by actually earning customer dollars. But why take the hard route by enticing money from a hard-strapped wage earner when demanding and getting free money from the Federal Reserve Bank is so much easier?
And, it’s been going on for decades…hyper-so since the 08′ event.
The taking from the “hard-strapped wager earner,” is mostly because the effects of inflation that hit them harder when the citizenry are graced with infusions. The “haves” get more by the Fed’s asset inflation–that comes from the infusions, so they’re mostly happy, as their largesse grows…making inflation a mere bump.
Though, I’m not a Bolshi-Bernie, like you, and I have absolutely no animus towards those that are legally rich, we do share a thread re: the Fed’s effect. Their mandate to act for proper levels of employment and inflation has been poorly executed…really since the inception in 1913 Their actions have wrought predictable market cycles of great challenge for some and riches for others.
We’ve have become the largest socialist country in the world and we are the lead experimenter in MMT theory. The “R’s” are in denial and the “D’s” are hoping to bolster it with a Nov win.
Who would have guessed?
LOL “Bolshi-Bernie.” But could not find a definition for “bolshi,” only bolshy and bolshie which generally means truculent. Bolshoi as in the ballet company would have been just as funny.
As asides, he got huge donations from Apple and Google, and he and Trump called for manufacturing to return to the US; And then the US rejected the most egalitarian candidate, then marginalizing him just as GB did to Corbyn early on.
One of the most problematic aspects with Bernie is he’s a hypocrite. In ’16, part of his well-used rant included “millionaires” as the bullies we needed to penalize (take their $$). Later, after he himself became a MULTI-millionaire, he modified the blurb to dirty-up the billionaire instead.
Like I said, I have absolutely no animus towards the wealthy…whether a 1%’r, millionaire, or billionaire…so beside his personal hypocrisy, it does society absolutely no good to sully ANYONE’s success IF achieved legally. Frankly, I just don’t understand the impulse either. It’s a child-like impulse to cut anyone down…maybe especially so, those that have been successful.
In addition, it’s an elemental connection to the “Bolshi’s” principle to eliminate the hierarchy/class structure that blocks the idealism of which “they” dream. Since you use the word “egalitarian,” look it up. He fails supremely per the use of that word, “UNLESS” one deems the wealthy as not deserving the “equal rights” the word espouses. If more explanation is needed, to make the determination the rich aren’t deserving of the same rights, is not egalitarian thinking AT ALL. One has assumed a superior position to relegate the rich to some other category, other than “being equal.” That’s kind of god-like, no?
“Egalitarian” and “Bernie” may have a nice ring, but with critical inspection, there’s no true match. Besides, it’s a political structure and philosophy that’s never worked. When absolute fairness is the mandate, someone in the system is ALWAYS treated unfairly.
Bernie is the least of our potential problems. The worst hypocrites are the corporate elites and their congressional puppets who rile up the populace with division and fear mongering while consolidating obscene wealth and power for themselves. Sadly the bickering partisan ninnies remaining on this site are too far gone to realize that BOTH POLITICAL PARTIES ARE THOROUGHLY CORRUPT.
America will never be great again if it continues its bipolar ways, disenfranchising the formerly prosperous middle class.
As a conservative, it’s imperative that we admit it when government isn’t working for the people. I have joined the growing ranks who will vote to flush the turd on Nov. 3rd. Cheeto and his ilk are the worst of all because instead of rule of law, he promotes unrestrained executive powers— e.g., authoritarianism. After all, he claims to know everything, why bother with Constitutional checks and balances? What do we have to lose? Everything will turn out fine … for the billionaire class. Sorry about the other 95% of Americans, they will have to be satisfied with tough tweets.
STOP GIVING STUFF TO THE PERMANENT POOR. Channel this stuff to proven people and families that are doing the right thing but need very temporary assistance. STOP THROWING MONEY DOWN A RAT HOLE AT WELFARE QUEENS AND LAZY DO NOTHINGS. AND KICK THEIR ASSES OUT OF THE CITIES.
STOP GIVING STUFF TO THE RICH CORPORATIONS. Channel this stuff to proven people and families that are doing the right thing but need very temporary assistance. STOP THROWING MONEY DOWN A RAT HOLE AT WELFARE CORPORATE EXECUTIVES AND LAZY DO NOTHING HEIRS. AND KICK THEIR ASSES OUT OF THE CITIES.