Yellen Encourages Congress to “Act Big”

The markets seem to be in a happy mood following the three-day weekend. The major indexes are up nicely. Once again, the Russell 2000 is leading the charge.

We’re at the start of earnings season. Usually, the big banks go first. Earlier this morning, Goldman Sachs reported very strong earnings, but the shares are down in early trading.

Our Buy List stocks will start reporting next week.

At noon tomorrow, Joe Biden will be sworn in as our 46th president. (Washington looks like an armed camp.) Now everyone’s attention is on the big $1.9 trillion stimulus program. Janet Yellen, the nominee for Treasury Secretary, is currently testifying before the Senate Finance Committee.

Janet Yellen, President-elect Joe Biden’s nominee for treasury secretary, urged lawmakers Tuesday to “act big” on economic relief for the coronavirus pandemic as she appeared before a Senate committee for her confirmation hearing.

“I think there is a consensus now: Without further action, we risk a longer, more painful recession now — and long-term scarring of the economy later,” Yellen said in written testimony submitted to the Senate Finance Committee ahead of the hearing.

On our Buy List, Cerner (CERN) got a doubled downgrade. B of A Securities lowered CERN to Underperform from Buy. The stock is currently down but only a little bit.

Posted by on January 19th, 2021 at 11:15 am


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