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Afternoon Note

Cheer Stimulus Talks

By Charles Payne, CEO & Principal Analyst
9/24/2020 1:04 PM

There are lots of gyrations today, although the market has once again shifted into a tight trading range.  The good news is the market has recovered from the red, twice, so the buy on dips crowd is materializing.  The gravitational pull of uncertainty keeping upside moves limited.

Tech trying to gain traction, but the biggest winners are all traditional safe havens which underscores the heightened angst.

S&P 500 Index

+0.64%

 

Communication Services XLC

+0.47%

 

Consumer Discretionary XLY

+0.42%

 

Consumer Staples XLP

+0.77%

 

Energy XLE

 

-0.17%

Financials XLF

+0.60%

 

Health Care XLV

 

-0.32%

Industrials XLI

+0.27%

 

Materials XLB

+0.70%

 

Real Estate XLRE

+1.18%

 

Technology XLK

+1.14%

 

Utilities XLU

+1.16%

 

Healthcare is lower, as many observers worry about the fate of Obamacare if President Trump gets his Supreme Court nominee approved and on the bench by November.

Lots of headlines are moving stocks, but the one that everyone should cheer is that stimulus talks have been rekindled.

**MNUCHIN SAYS HE AND PELOSI HAVE AGREED TO RESTART STIMULUS TALKS**


 

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