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As expected, Biden signs executive orders

Getting started with the new Biden administration

As expected, Pres. Biden has signed a series of executive orders:
  • revocation of Keystone XL oil pipeline permit
  • document rejoining Paris climate cord
  • and to travel ban on some majority-Muslim countries
  • memo aimed at strengthening DACA program
  • executive order requiring mask wearing and federal buildings and on federal lands
  • end of emergency declaration used to divert funds to build wall on the US – Mexico border

The president also expressed that former Pres. Trump wrote a “very generous letter”.

Meanwhile on Capitol Hill,
  • Sen. Schumer says the Senate works best when they work together
  • Schumer adds that the Senate will work differently with Democratic majority
  • Sen. Reed says timing for Lloyd Austin Department of Defense vote will go through committee as soon as possible
  • Senate Minority Leader McConnell congratulates VP Harris and welcomes new centers
Having the day off in the NY session to absorb the inauguration ceremonies, I am filled with hope for a more united political environment which hopefully extends to the general public.  Having said that there will be disagreement and those that can’t “let it go”.  Also, with the margins in the House and Senate very close, it will keep the checks and balances in place and hopefully encourage cooperation and compromise from both sides of the aisle.
There is something refreshing about a new beginning.  Let’s hope and pray for the best for all.

US private oil data shows a build of 2.5 million vs. estimate of a draw of -1.2 million barrels

Crude oil was trading at $53.25 into the report

The private oil inventory data for the current week shows:

  • crude oil inventories build of 2.5 million vs. estimate of draw of -1.2 million barrels
  • gasoline inventories build of 1.1 million vs. estimate of a build of 2.8 million barrels
  • distillates inventories build 800,000 vs. build of 1.2 million estimate
  • Cushing draw -4.3 million
The price of crude oil has moved lower in the initial reaction and trades at $53.05. The price was trading near $53.25 ahead of the report.

US stocks close sharply higher and at record high levels

S&P, Dow and NASDAQ closed at record levels

The major indices all closed at record levels on Inauguration Day for President Biden.  The NASDAQ index led the way with a 2% gain.  Netflix led the charge with a gain of 16.85% after their subscriber base surprise the upside. Other FAANG type names also rose sharply.  Alphabet was up 5.36%.  Amazon rose by 4.57%.  Microsoft increased by 3.59%.  Apple increased by 3.29%.  Facebook increased by 2.44%
The final numbers are showing:
  • S&P index rose 52.941.39 percent to 3851.05. The low reached 3816.22. The high was at 3859.75.
  • The NASDAQ index increased 260.07 points or 1.97% to 13457.25. The high reached 13486.13. The low extended to 13329.77
  • The Dow rose 257.86 points or 0.83% to 31188.38. The high reached 31235.98. The low extended to 30997.79.  The old all time high close was at 31097.97
  • The Russell 2000 index is also trading at a record high level of 2160.617. That’s up 9.48 points or 0.44%
Other big gainers today include:
  • Ford motor, plus a .43%
  • Alibaba, +5.59%
  • Chipotle +3.67%
  • Twitter, +3.61%
  • Microsoft, +3.59%
  • write 8, +3.44%
  • Delta Air Lines, +3.25%
  • salesforce, +3.10%
  • Adobe, +2.85%
  • Southwest a or, +2.75%
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