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Afternoon Note

No Relief

By Charles Payne, CEO & Principal Analyst
5/24/2019 1:42 PM

It’s been an intriguing session that saw the market pop out the gate only to watch those gains drift to the point the S&P 500 momentarily dipped into the red.

It’s tough to pinpoint what took the air out of the rally, but there is a disaster relief bill that failed after a new Texas Congressman, Chip Roy, objected.  He is frustrated there isn’t money for the border and noted the $19.0 billion price tag is too high. Rep. Roy used procedural rules to ask for a recorded vote, which means all members would need to be physically present to vote. Many lawmakers had already taken off for a week-long recess.

Boeing (BA) shares also lost altitude (couldn’t help it) on news the SEC is looking into the company, which continues to grapple with controversy over its 737 Max Air.  The probe is centered on discourse associated with the plane.

If the market turns higher into the close ahead of a three-day weekend, it would be very impressive.

GDP Speedbump

Meanwhile, it’s going to be interesting to see the impact of this morning’s durable goods report on GDP estimates.

Have a great and safe holiday.


Comments
Don't know if you purposefully spelled physically incorrectly and substituted 'psychically', but it was fun to think of the House members voting by ether. Have a great weekend. Thanks for your insight - always appreciated.

Gwilson on 5/24/2019 4:59:34 PM
 

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