Archives of “December 2020” month

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Jamie Dimon: I wouldn’t touch Treasuries at these rates with a 10-foot pole

  
  Analysis

Comments from the JPMorgan CEO

Comments from the JPMorgan CEO
  • Bank is over-reserved for base case economic scenario
  • Doesn’t see ‘earth shattering’ change to office work
  • Stimulus needed for unemployed and small business
  • Economic outlook is still ‘a little murky’
Who doesn’t want to lend the government money at 0.91% for 10 years at a time the Fed is dead-set on inflation and deficits are enormous?
Meanwhile, the consensus on the large bank reserves being released is that it will boost lending but I think that’s fanciful. For anyone creditworthy, money is cheap and easy. Dropping those reserves would be good for JPMorgan shareholders but I don’t know if there’s any significant economic knock-on effect.

NASDAQ/S&P close at record highs

  
Analysis, US Market

All 3 major indices reach intraday all-time highs

The NASDAQ and S&P are each closing at record highs. All 3 major indices (NASDAQ, S&P, Dow) traded intraday to record highs. The Dow however, could not close at a record high.  PS the Russell 2000 closed at a record level as well.

The final numbers are showing
  • S&P index rose 10.24 points or 0.28% to 3702.20. The high price reached 3708.45. The low price extended to 3678.83
  • NASDAQ index rose 62.827 points or 0.5% to 12582.73. The high price reached 12594.53. The low price extended to 12453.20..
  • Dow industrial average rose 104.75 points or 0.35% to 30174.54. The high price reached 30246.22. The low price extended to 29972.07
Some of the big winners today included:
  • Rite Aid, +11.71%
  • US Steel, +11.51%
  • Rackspace, +9.64%
  • Chewy, +5.82%
  • Papa Murphy, +4.08%
  • AT&T, +3.95%
  • Crowdstrike Holdings, +3.94%
  • Pfizer, +3.15%
  • Nio ADR, +3.24%
  • Emerson, +2.78%
  • Beyond Meat, +2.77%
  • Exxon Mobil, +2.56%
  • American Airlines, +2.44%
Losers today included:
  • Booking, -2.05%
  • Nvidia, -1.89%
  • Whirlpool, -1.8%
  • Corsair, -1.65%
  • Uber technologies, -1.49%
  • Wells Fargo, -1.36%
  • Palantir, -1.35%
  • Southwest air, -1.27%
  • AMD, -1.22%
  • Walgreens, -1.06%
  • Twitter, -0.94%

Johns Hopkins is reporting that US Covid cases has surpassed 15 million

  
Analysis, COVID-19

The next highest is India with 9.7 million cases

Johns Hopkins is reporting that the US Covid cases has surpassed 15 million. The number of deaths is 284K.

Meanwhile Pres. Trump has:
  • Appointed Kellyanne Conway to the Air Force board
  • Appointed Department of Transportation’s Chao and Manchester to the Kennedy Center Board.
  • The White House announced that the Tennis Pavilion on the grounds of the White House has been completed.
The next highest is India with 9.7 million casesJohns Hopkins is reporting that the US Covid cases has surpassed 15 million. The number of tests according to
  • The election results continue to be challenged by the White House with the Pres. pressuring Georgia and Pennsylvania governors to challenge the results.
  • Texas has sued four battleground states in Supreme Court over ‘unlawful election results’ in 2020 presidential race
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