dChan - Q Origins Project Archive

Mnuchin Says There Is Still No Agreement on Fiscal Stimulus

U.S. Treasury Secretary Steven Mnuchin said there’s still no agreement on a fresh fiscal stimulus package after he met for about 90 minutes with House Speaker Nancy Pelosi. Mnuchin told reporters that he and Pelosi “made a lot of progress over the last few days,” and they will continue their talks.

“We still don’t have an agreement, but we have more work to do,” Mnuchin said. “We’re going to see where we end up.” Pelosi said in a statement: “We found areas where we are seeking further clarification. Our conversations will continue.” The House will hold a vote on the latest Democratic proposal for a $2.2 trillion package later on Wednesday, Pelosi said. That bill has little chance in the Republican-controlled Senate.

U.S. stocks pared gains on the news, after previously rallying on optimism that Mnuchin and Pelosi would find a path to a deal.

https://www.bnnbloomberg.ca/mnuchin-says-there-is-still-no-agreement-on-fiscal-stimulus-1.1501788

Federal Reserve Board announces it will extend for an additional quarter several measures to ensure that large banks maintain a high level of capital resilience

Due to the continued economic uncertainty from the coronavirus response, the Federal Reserve Board on Wednesday announced it will extend for an additional quarter several measures to ensure that large banks maintain a high level of capital resilience.

For the fourth quarter of this year, large banks—those with more than $100 billion in total assets—will be prohibited from making share repurchases. Additionally, dividend payments will be capped and tied to a formula based on recent income. The capital positions of large banks have remained strong during the third quarter while such restrictions were in place.

In June, the Board released the results of its annual stress test and additional analysis, which found that all large banks were sufficiently capitalized. Nonetheless, in light of the economic uncertainty, the Board put several restrictions in place to preserve bank capital, which provides a cushion against loan losses and supports lending. Later this year, the Board will conduct a second stress test to further test the resiliency of large banks. Results will be released by the end of the year.

https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200930b.htm

Wall Street closes higher as stimulus talks progress

U.S. stocks closed solidly higher on Wednesday as government leaders continued talks for a new pandemic relief package and positive economic data helped the major indexes end the third quarter in positive territory.

The Dow Jones Industrial Average .DJI rose 329.04 points, or 1.2%, to 27,781.7, the S&P 500 .SPX gained 27.53 points, or 0.83%, to 3,363 and the Nasdaq Composite .IXIC added 82.26 points, or 0.74%, to 11,167.51. Of the 11 major sectors in the S&P 500, 10 ended the session in positive territory, with healthcare .SPXHC and financials .SPSY enjoying the largest percentage gains. Nikola Corp NKLA.O stock soared by 14.5% after Chief Executive Mark Russell said he was close to a deal with an energy partner and defended the company against a short-seller's fraud allegations. Micron Technology Inc MU.O said it has not yet obtained new licenses needed to sell memory chips to China's Huawei Technologies Co Ltd HWT.UL, sending its shares down 7.4%.

Duke Energy Corp DUK.N jumped 7.5% after the Wall Street Journal said the company had been approached by peer NextEra Energy Inc NEE.N regarding a possible takeover. Shares of NextEra Energy fell 2.0%. Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers. The S&P 500 posted 13 new 52-week highs and no new lows; the Nasdaq Composite recorded 63 new highs and 36 new lows. Volume on U.S. exchanges was 10.38 billion shares, compared with the 10.07 billion average over the last 20 trading days.

https://www.reuters.com/article/us-usa-stocks/wall-street-closes-higher-as-stimulus-talks-progress-idUSKBN26L26J

https://finance.yahoo.com/quote/%5EDJI?

https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart

https://www.marketwatch.com/investing/index/dxy

https://www.kitco.com/charts/livesilver.html