Sharp snapback connectivity. It is a phase four package necessary . I think it is. The economy can get by without it until the election. Will bringnistration forward fiscal stimulus plans. I think we can make it to there. It is necessary as long as we get it in the next 12 two quarters, i think the recovery will be ok. In the meantime things are a delay ing, and ongoing negotiations does not help things. I think it hurts confidence and slows down economic momentum and prevents a quicker recovery of the economy. Back and forthd among three parties. The president of the United States, the Senate Republicans come in nancy pelosi. Hard to know where we are going. How big thef packages, there is a sense of whether it needs to be targeted or general. Can we if it does not address broad state assistance . Michael i think getting anything is better than getting nothing, for sure. Even if it were targeted on specific sectors like airline and maybe Small Business, that is better than doing nothi
Into Consumer Credit. Jp morgan encouraged creditors to pay down their credit card bills. That fargo pointed out they missed the lowest level in five years. The optimism about the consumer can also be seen in the Housing Market as home sales are the highest in 14 years. Record low Mortgage Rates. Enticing buyers into the market but not all buyers. Highend home sales have made the largest jump since 2013 but sales on midprice homes declined modestly. Affordable purchases are actually declining. Is totally unequal. We are seeing some sort of progress in credit. Joe this downturn or whatever are calling it, that step statistic you decided about the number of credit, all of these companies, all of these banks saying that the credit provisions are not as bad, we see deleveraging right there. Credit card balances, that white line coming in sharp. Even as available credit continues to rise. This is not what you typically expect to see. It is interesting. We got quite a few of the Bank Earning
Reportedly uncovering Quality Control concerns at eli lilly plant set to manufacture its covid antibody treatment and apple debuts the new 5g phone line speedier devices, also coming with an even heftier price tag carl, back over to you. All right jim, on the banks this morning, conversation once again about loss provisions. Also about bond trading at goldman. I dont think it is just bond trading. I think goldman did a remarkable job taking some share, which i say remarkable because imagine youre at home, zooming and taking sharefrom others. I do believe that goldmans back to its old ways which is that it is a dry cleaner it doesnt have any risk remember, dry cleaner, what do we do with the dry cleaner give them our clothes and pick them up and they make money. That has been the goldman way until a couple of years where i think it got wayward where it became much more about, hey, lets invest in this, invest in that, no, to me, what theyre investing in, that i really like, theyre invest
Upping its offer for an aid package to 1. 8 trillion, President Trump tweeting go big a positive development on the covid treatment. Gileads treatment helps infected people recover five days faster than average and tech stocks are outperforming as a massive deal is in the work the week capping it off with a bang. Absolutely. The russell 2000 is up 6. 4 for the week the dow is currently positive for the year as a whole, just. Lets get to the stimulus news in washington and the reaction to it. Bob basketball has a look inside the market rally ylan moi, and Dana Peterson from the Conference Board bob, lets start with you on this very nice end to a strong week. Good news and bad news, will. Good news is, s p is up about 3 on the month the bad news is i am seeing a little bit of an inversion of the stimulus play today. Thats concerning if you are a believer in stimulus remember the stimulus play, bicyclicals materials and banks and industry and energy and go light on technology. That was wo
Note investors, of course, closely monitoring the condition of the president and also keeping a close eye on any progress and stimulus talks we are, as well. Not to mention there is fallout, as well, regarding covid shares of cina world tumbling. The second largest movie chain Regal Cinemas suspending operations at all locations, carl jim, the headline still crossing from meadows talking to fox earlier today saying the president is committed to getting an aid bill done wants to move expeditiously but also be fiscally responsible thats certainly where the markets focus is going to be o today. The fact that the president wants to give state aid, that matters. Speaker pelosi wants to do a deal some urgency coming to it. So, the talks this morning i bet will be productive and i think thats very exciting for the market does it matter to you if its piece meal a little bit for airlines or Something Else or do you still crave something comprehensive is. As long as theres something for states,