Lashing today over how their companies handled 2020 election. Heck out few hours indicating a decline as we await october retail Sales Numbers out this morning at 8 30 a. M. Dow industrials down 88, nasdaq is up 14 and s p 500 lower by 14. Record day in wall street to start the week yesterday, dow finishing at its first alltime high in 9 months boosted by the positive news on modernas phase 3 vaccine trials. At the close up 471 points, nasdaq up 95, almost 1 and s p higher by 41, better than 1 . Big day for retail earnings, walmart and kohls and home depot all reporting this morning, we will have the numbers as soon as they give hit the tape. Holidays in digital world. Zoom is helping you and your family out if youre planning on a virtual turkey day, its making a buzz, mornings with maria is live right now. Maria home depot earnings hitting the tape right now and european markets are lower, cac quarante down 9, dax index lower by 25, take a look at home depot numbers, revenue above exp
Because the s p 500 is down a little bit more than it had been , down poured 4 . Earlier it had been down. 1 . Perhaps a reason for caution overall to think maybe the difficulties around the nearterm may continue to move ahead. If we look at havens on the week, we have the yen climate against the dollar and bonds higher. Some reason for caution, but small moves. David one piece of news overnight. Late yesterday we heard Steven Mnuchin had sent a letter to his friend jay powell saying please give us back the money we gave you for the emergency Lending Programs. He probably did not like jay powell do not like that much. Did the markets like that . Abigail we have not seen much of reaction. Bonds are lower which means yields are higher. What is interesting is we do have a reaction for the financials. The financials typically would climb on yields going higher, but they are not. There i be uncertainty around this bat and what it means. The lifeblood of this rally coming out of the march lo
They are getting louder and louder, including one from aoc, but she thinks we should just pay people to stay at home. I want to get reaction from congressman andy biggs about that at the bottom of the hour. All that and so much more on making money. Charles it feels like the markets marking time because its marking time. Right now, the s p has moved less than 1 for the week. The nasdaq is up about 1 for the week. The biggest story has been the continued celebration in the oil patch. The blue wave, remember, didnt happen and that was the big play there. The other side of that coin is utilities and thats why they have been actually slammed since the election, including this week. While buy has alternated between growth and value, it was stocks that were deeply hammered that actually enjoyed the greatest revival, particularly brick and mortar retailers. Even today, those names are up on better than expected earnings. All of this creating a dilemma. Do you buy the broken names with the mos
Disaster. Monetary policy works through emulating aggregate demand and that is important now. Ultimately, there is a job to replace lost income. Our congress stepped in and there has not been a faster or stronger response from congress to an economic emergency since the great depression. The cares act and other laws have been passed to more than offset lost income in the aggregate. There will be people for whom that is not true. You see high levels of savings on the Balance Sheets of households. Not experienced the downward cases we were worried about of mass insolvencies of businesses so far. So far, so good, i would say. There are no full recoveries without confidence. Do, which ipart to think we have done. The path forward will be challenging for a number of reasons, and i am sure we will get into some of them. Congresso do more and might need to do more with fiscal policy. The particulars of that are up to congress and not up to us. It is likely more will need to be done in time. O
Themselves after they are finished speaking. Consistent with the regulations house resinac 965, staff will mt members and witnesses after the process. Tewe are not recognizing background noises. Orr and decorum apply to this remote hearing. His hearing is entitled ensurin against a pandemic colin challenges a solutions for policyholdersle and insures. I w recognizeyself for three minutes to give an opening statement. According to theongressional Retail Service 1 million peop could enter a sta of extreme poverty due to the Global Economic contraction a here in the United States 67 mlion people have filed for unemployment insance since march of this year or the harmful eects of ts pandemic on the stability of sml sinesses like restaurants nnot be overstated. They have been obliterated. Dozens of restaurants in my home strict and ms. And st. Louis have closed in wh them the vendors who sell the farmers are owing the food truck driver Storage Facility facilities and entire suppl chains are