THE DAILY NEWS

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Re: THE DAILY NEWS

Post by thelivyjr » Thu Apr 08, 2021 1:40 p

CNBC

"Treasury yields retreat slightly after jobless claims rise unexpectedly"


Maggie Fitzgerald @MKMFITZGERALD Vicky McKeever @VMCKEEVERCNBC

PUBLISHED THU, APR 8 2021

U.S. Treasury yields fell on Thursday, after data showed first-time claims for unemployment insurance rose more than expected last week.

The yield on the benchmark 10-year Treasury note fell to 1.62% at around 4:00 p.m. ET.

The yield on the 30-year Treasury bond fell to 2.311%.

Yields move inversely to prices.

The Labor Department reported Thursday first-time claims for the week ended April 3 totaled 744,000, well above the expectation for 694,000 from economists surveyed by Dow Jones.

The news comes a week after a a blowout jobs report, as nonfarm payrolls in March increased by 916,000 while the unemployment rate fell to 6%.

Yields have been rising recently over concerns about inflation, amid economic recovery from the coronavirus pandemic.

However, the Federal Reserve indicated in its March policy meeting that it would let inflation run above its long-range target of 2%, if it helps achieve full employment.

Minutes from the Fed’s March meeting, released on Wednesday, confirmed that it would keep its accommodative policy in place until economic “outcomes” were achieved.

Sarah Hewin, head of research for Europe and Americas at Standard Chartered Bank, told CNBC’s “Squawk Box Europe” Thursday that it seemed as though the Fed had factored in some of the improvements seen in the economic data since that last meeting.

“So I think they, to a large extent, are factoring in some very hefty payroll numbers over the coming months,” she said, but added that the uncertainty was as to “how far the current strength in the economy persists.”

However, Hewin pointed to a study released by the New York Fed yesterday which highlighted that a lot of the recent stimulus checks were being put into savings, and to pay down debt, rather than being spent.

She suggested it was “sensible” for the Fed to take a “cautious approach at this stage” to policy.


She added, “there’s still a huge output gap and from the Fed’s point of view, that output gap needs to be closed in order for inflation to get back to target, and indeed for it to stay above target for a while.”

Auctions will be held Thursday for $40 billion of 4-week bills and $40 billion of 8-week bills.

— CNBC’s Thomas Franck contributed to this report.

https://www.cnbc.com/2021/04/08/us-bond ... -data.html

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Re: THE DAILY NEWS

Post by thelivyjr » Thu Apr 08, 2021 1:40 p

CNBC

"Weekly jobless claims higher than expected"


Jeff Cox @JEFF.COX.7528 @JEFFCOXCNBCCOM

PUBLISHED THU, APR 8 2021

KEY POINTS

* Jobless claims totaled 744,000 for the week ended April 3, the Labor Department reported Thursday.

* That was above the Dow Jones estimate of 694,000 and the previous week’s 728,000.

* Continuing claims nudged lower as did the total of those receiving benefits.


First-time claims for unemployment insurance rose more than expected last week despite other signs of healing in the jobs market, the Labor Department reported Thursday.

First-time claims for the week ended April 3 totaled 744,000, well above the expectation for 694,000 from economists surveyed by Dow Jones.


The total represented an increase of 16,000 from the previous week’s upwardly revised 728,000.

The four-week moving average edged higher to 723,750.

The news comes a week after a sign of more aggressive healing in the labor market, as nonfarm payrolls in March increased by 916,000 while the unemployment rate fell to 6%.

That was the biggest job gain since August, though unemployment remains well above the pre-pandemic low of 3.5%.

Continuing claims provided some good news on the labor front, with the total dropping 16,000 to 3.73 million.

That’s the lowest level for continuing claims since March 21, 2020, just after the Covid pandemic hit and companies instituted wholesale layoffs in conjunction with the economic shutdown.

Continuing claims run a week behind the headline weekly number.

A year ago, that total was just 3.44 million but surged shortly thereafter due to massive layoffs in late March and early April.

California and New York accounted for most of the rise in jobs, with respective increases of 38,963 and 15,714, according to unadjusted data.

Those increases were offset somewhat by a decline of 13,944 in Alabama and 10,502 in Ohio.

Economists said filing backlogs could be one factor driving the stubbornly high claims number, while spikes in Covid cases for some states also could be keeping filings elevated.

Markets reacted little to the data, with stock futures and government bond yields mixed.

Despite recent progress, Federal Reserve officials say much more progress is needed on the jobs front before they think about changing policy.

Minutes from the most recent Federal Open Market Committee meeting, released Wednesday, indicated a better outlook for the economy though a continued need for easy policy.

Fed Governor Lael Brainard told CNBC on Wednesday that the economic outlook has “brightened considerably” but there are still about 9 million fewer workers than there were before the pandemic.

Central bank officials have said they want to see not only full employment but also inclusive gains across income, racial and gender lines.

“In that sense, we’ve got some distance to go before the outcomes are achieved,” Brainard said.

https://www.cnbc.com/2021/04/08/weekly- ... laims.html

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Re: THE DAILY NEWS

Post by thelivyjr » Thu Apr 08, 2021 1:40 p

REUTERS

"TREASURIES OUTLOOK-U.S. yields fall after Fed Chair Powell's dovish comments, jobless claims"


By Gertrude Chavez-Dreyfuss

APRIL 8, 2021

* Fed’s Powell sees higher prices this year, but not inflation

* Worse-than-expected jobless claims pressure yields

* U.S. 5/30 yield curve flattens, with spread at 148 basis points

* U.S. to sell $120 bln in 3-year, 10-year, 30-year debt next week


NEW YORK, April 8 (Reuters) - U.S. Treasury yields fell on Thursday, pressured by fresh dovish comments from Federal Reserve Chair Jerome Powell and weaker-than-expected initial jobless claims that highlighted the economy’s bumpy recovery from the pandemic.

At an International Monetary Fund event on Thursday, Powell said a surge in spending as the U.S. economy reopens, along with bottlenecks in supply, will likely push prices higher this year, but would not result in the kind of yearly price increases that would constitute inflation.

He added that the unevenness in the U.S. recovery remains an issue.

Powell’s remarks followed equally cautious Fed minutes on the March policy meeting released on Wednesday, which reiterated that the U.S. central bank was in no rush to raise interest rates, and also weighed on Treasury yields.

“The market has been expecting the Fed to waver a bit on its dovishness given that the acceleration in rates has been pretty quick."

"But the Fed hasn’t wavered on that,” said Ellis Phifer, managing director in fixed income research at Raymond James in Memphis, Tennessee.

“Some Fed members have flinched a little bit, but overall the doves continue to be in control,” he added.

Thursday’s higher-than-expected U.S. jobless claims also pushed down yields.

Data showed that initial claims for state unemployment benefits totaled a seasonally adjusted 744,000 for the week ended April 3, compared with 728,000 in the prior week.

Continued unemployment claims though fell to 3.73 million for the week of March 27.

“Falling incidence of the coronavirus will lower initial claims,” said Stan Shipley, fixed income strategist, at Evercore ISI in New York.

He added that overall the data showed the “labor market is continuing to heal and should be neutral for Treasury yields.”

But with a massive $370 billion in Treasury supply looming over the next few weeks, Tom di Galoma, managing director at Seaport Global Holdings said it’s only a matter of time before yields start shooting higher again.

“In my view, 10-year yields could easily trade back to 1.75% next week,” he added.

Supply starts next week with the auction of $120 billion in 3-year, 10-year- and 30-year debt.

Concerns about supply have steepened the yield curve for the last three sessions, but it flattened a bit on Thursday.

The spread between 5-year notes and 30-year bonds narrowed to 148 basis points.

In afternoon trading, the U.S. 10-year Treasury yield was down at 1.633% from 1.654% on Wednesday.

U.S. 30-year yields fell to 2.323% from Wednesday’s 2.336%.

U.S. 5-year note yields, which typically reflect interest rate expectations, dropped for a fourth straight session to 0.84% from Wednesday’s 0.858%.

Recent declines in the 5-year yield suggested that investors do not believe the Fed will raise rates earlier than it has indicated.

At the March meeting, the median forecast of Fed policymakers showed the central bank did not expect to raise interest rates until 2024.

Despite the Fed’s dovish comments in the policy meeting minutes and Powell’s cautious stance, the eurodollar futures market, which tracks interest rate expectations, still has fully priced in a Fed hike by March 2023.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Jonathan Oatis and Andrea Ricci)

https://www.reuters.com/article/usa-bon ... SL1N2M12JK

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Re: THE DAILY NEWS

Post by thelivyjr » Thu Apr 08, 2021 1:40 p

REUTERS

"West Virginia's Manchin, flexing political muscle, leaves U.S. Senate Democrats in lurch"


By Reuters Staff

APRIL 8, 2021

WASHINGTON (Reuters) - Congressional Democrats trying to advance President Joe Biden’s $2.3 trillion infrastructure plan were left wondering on Thursday whether one of their own, Senator Joe Manchin, might revolt if the party tries to act without Republican buy-in.

The West Virginia senator, in a column published by the Washington Post, said lawmakers should be “alarmed” at the possibility that Senate Democrats could use a maneuver called “reconciliation” to pass the package with only Democratic votes, as they did last month with a $1.9 trillion COVID-19 relief bill.


Biden’s Democrats hold half the 100-seat Senate, claiming a majority thanks only to Vice President Kamala Harris’ tie-breaking vote.

A defection by Manchin or any other member could doom the bill’s chances in the weeks - or months - Congress debates it after it returns next week from a spring break.

Manchin narrowly won re-election in 2018 in an increasingly Republican-leaning state, which is home to some of the nation’s worst roads - which the infrastructure package could help fix - but also a coal industry that would lose subsidies under some of its proposals.

While raising concerns over reconciliation, Manchin did not specifically say if he would vote against the infrastructure bill in that scenario.

An aide to Manchin did not respond to requests for comment.

The White House said that it wanted to have “an open dialogue” with lawmakers.

“We continue to reach out not only to Senator Manchin but to senators on both sides of the aisle, and to members of the House on both sides of the aisle,” White House spokeswoman Kate Bedingfield told CNN.

Besides criticizing the process for debating the infrastructure bill, Manchin has objected to Biden’s call for raising the U.S. corporate tax rate to 28%, suggesting a 25% target as more appropriate.

The Republican-controlled Congress reduced it in 2017 from 35% to 21% as part of a sweeping tax reform.

More than a dozen White House and corporate officials interviewed by Reuters this week said they could live with a 25% rate.

Robust infrastructure investments could be an important source of new revenues for Manchin’s home state, where road and bridge conditions are among the worst in the country, according to an analysis of 2018 Federal Highway Administration data by TRIP, a nonprofit transportation group that examined the share of roads and bridges in each state that were in poor condition.

At the same time, West Virginia’s heavy reliance on fossil fuel industries means its companies could take a hit from Biden’s proposal to cut subsidies for oil, natural gas and coal companies to help pay for the infrastructure plan.

While Senate Majority Leader Chuck Schumer has a difficult balancing act in moving Biden’s initiatives through the evenly split Senate, Manchin walks a political tight-rope as well.

West Virginia is a deeply Republican state, having overwhelmingly voted for former President Donald Trump in 2016 and 2020.

Manchin is not up for re-election until 2024.

But he may be mindful that his winning percentage in 2018 was only 49.6 percent of the vote, down from his comfortable 60.6 percent in 2012.

Reporting by Richard Cowan, Jason Lange and Doina Chiacu; Editing by Scott Malone and Dan Grebler

https://www.reuters.com/article/us-usa- ... SKBN2BV2OW

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Re: THE DAILY NEWS

Post by thelivyjr » Thu Apr 08, 2021 1:40 p

REUTERS

"S&P closes at record on tech boost as U.S. Treasury yields retreat"


By Chuck Mikolajczak

APRIL 8, 2021

NEW YORK (Reuters) -The S&P 500 closed at a record high on Thursday, as U.S. Treasury yields fell following softer-than-anticipated labor market data, boosting technology and other growth stocks.

Weekly initial jobless claims data showed a second straight rise, conflicting with the recent payrolls report, and buttressed the Federal Reserve’s dovish policy stance to keep interest rates lower for a substantial period.

Federal Reserve Chair Jerome Powell signaled on Wednesday the central bank is nowhere near reducing support for the U.S. economy, saying an expected rise in prices this year is likely to be temporary.

The softer data helped yields on the benchmark 10-year U.S. Treasury note fall as low as 1.624%, its lowest level since March 26, as it continues to back away from a 14-month high of 1.776% hit in late March.

“Wall Street rewards growth, that doesn’t mean value names will never go up, they will go up because they have more growth prospects than their neighbors, that is what this whole thing is predicated on,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.

“It was kind of ridiculous that bond yields were preceding runaway inflation and that was not the case, so tech lives another day.”

The Dow Jones Industrial Average rose 57.31 points, or 0.17%, to 33,503.57, the S&P 500 gained 17.22 points, or 0.42%, to 4,097.17 and the Nasdaq Composite added 140.47 points, or 1.03%, to 13,829.31.

The recent pullback in yields has helped high growth names such as those in technology, the sector that posted the session’s biggest rise. Megacap stocks such as Apple, Microsoft and Amazon were the biggest boosts to the S&P 500.

The gains sent the tech-heavy Nasdaq to a seven-week high and within 2% of its Feb. 12 record closing high.

The Russell 1000 growth index, which consists heavily of tech-related stocks, gained 1.05%.

Its value counterpart, comprising mostly financials and energy names, edged 0.05% lower.

Trading activity has tapered off, with the four lowest volume days of the year occurring this week ahead of first-quarter earnings season next week with results from big U.S. banks on tap.

Analysts have raised expectations for first-quarter S&P 500 earnings increase to 24.2%, according to Refinitiv IBES data as of April 1, versus 21% forecast on Feb. 5.

Tesla Inc advanced 1.91% on the Joe Biden administration’s $174 billion proposal to boost electric vehicles.

U.S. shares of Canopy Growth Corp dropped 4.81% on a deal to buy rival Supreme Cannabis Co Inc for C$323.3 million ($256.9 million), as the world’s biggest cannabis producer bolstered its portfolio to tap surging demand.

Advancing issues outnumbered declining ones on the NYSE by a 1.80-to-1 ratio; on Nasdaq, a 2.13-to-1 ratio favored advancers.

The S&P 500 posted 36 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 77 new highs and 29 new lows.

Volume on U.S. exchanges was 9.23 billion shares, compared with the 11.93 billion average for the full session over the last 20 trading days.

Reporting by Chuck Mikolajczak; Editing by David Gregorio

https://www.reuters.com/article/us-usa- ... SKBN2BV1LI

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Apr 09, 2021 1:40 p

RIGZONE

"Oil Fluctuates as Saudis Confident on OPEC+ Hike"


by Bloomberg | Alex Longley, Jack Wittels

Friday, April 09, 2021

(Bloomberg) -- Oil switched between gains and losses after Saudi Arabia said it was confident that OPEC+ was right in agreeing to raise output, while India posted its strongest oil consumption in 15 months.

West Texas Intermediate fluctuated, though prices remained within the $5 range they’ve been holding since around mid-March.

India’s oil-products demand in March was the strongest since late 2019 -- with gasoline use jumping the most since 2013 -- even as the country saw Covid-19 cases soar.

Oil is headed for a weekly decline, with the demand backdrop still mixed.

While the rollout of vaccines has shown signs of boosting consumption in places like the U.S. and U.K., cases continue to spread elsewhere.

Japan is set to reimpose lockdowns in Tokyo, Kyoto and Okinawa.

Saudi Energy Minister Prince Abdulaziz bin Salman said Thursday he’s yet to see anything disturbing in the market after the Organization of Petroleum Exporting Countries and its allies agreed to hike output last week.

While consumption remains patchy, the market is indicating possible supply tightness with Brent crude futures’ nearest timespread surging on Thursday.

The market’s structure has firmed as limited OPEC+ supply additions contribute to a reduction in oil inventories, said Kevin Solomon, an analyst at brokerage StoneX Group.

Nevertheless, “it has been a quiet week for the oil complex with respect to price action.”

Crude in New York has been hemmed into a narrow range around $60 a barrel since mid-March.

OPEC+ plans to reintroduce more than 2 million barrels a day to the market over the coming months and, further out, there’s concern Iranian barrels may also return to swell supplies.

Prices

WTI for May delivery fell 0.6% to $59.26 a barrel at 8:51 a.m. in New York.

Brent for June dropped 0.7% to $62.74 a barrel.

With OPEC+ reinstating some of its output cuts, “upside potential for oil prices seems limited,” said Hans van Cleef, a senior oil analyst at ABN Amro.

Still, with demand set to recover, “investors see the light at the end of the tunnel, and thus keep some of their long positions.”

Related news

U.S. gasoline consumption is set to take off this summer, boosted by pent-up travel demand.

Iran’s chief negotiator at nuclear talks in Vienna said the sides were focusing on removing U.S. sanctions in a single step.

Mexico is “comfortable” with its oil hedge price at the 2021 level, according to Deputy Finance Minister Gabriel Yorio.

--With assistance from Saket Sundria.

https://www.rigzone.com/news/wire/oil_f ... 2-article/

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Apr 09, 2021 1:40 p

CNBC

"10-year Treasury yield rises as producer prices jump"


Jesse Pound @JESSERPOUND Vicky McKeever @VMCKEEVERCNBC

PUBLISHED FRI, APR 9 2021

KEY POINTS

* The Producer Price Index advanced 1.0% in March, according to the U.S. Bureau of Labor Statistics.

* There were no auctions scheduled to be held Friday.

* The benchmark U.S. Treasury yield rose on Friday after the March producer price index, which measures wholesale price inflation, showed a larger-than-expected increase.


The yield on the benchmark 10-year Treasury note climbed to 1.664% in afternoon trading, while the yields on 7-year and 5-year notes also moved higher.

The yield on the 30-year Treasury bond was flat at 2.334%.

Yields move inversely to prices.

The March PPI data showed a rise of 1.0%, compared with a projected rise of 0.4% from economists surveyed by Dow Jones.

The majority of the increase came from a jump in prices for final demand goods, the U.S. Bureau of Labor Statistics.

“At the wholesale level, bottlenecks, trade issues, and the early stages of a commodity super cycle are forcing pricing pressures."

" These costs may take time but will be passed onto the consumer,” Edward Moya, senior market analyst at Oanda, said in a note.

The release of the data, originally slated for 8:30 a.m., was delayed by a website outage from the BLS.

Economists and Federal Reserve officials have repeatedly warned that inflation data will show rising prices in the spring and summer months as the economy reopens and rebounds from the pandemic, but the increases could prove temporary and may not be a cause for concern.

Yields rebounded in early trading after falling in the previous session following dovish comments on the economy from Federal Reserve Chairman Jerome Powell.

He called the recovery from the pandemic “uneven” on Thursday, signaling a more robust recovery is needed.

“The recovery remains uneven and incomplete,” Powell said Thursday in a virtual event presented by the International Monetary Fund and moderated by CNBC’s Sara Eisen.

“This unevenness that we’re talking about is a very serious issue.”

Treasury yields moved rapidly moving higher earlier this year over concerns about inflation, amid the economic recovery from the coronavirus.

However, the Federal Reserve has said it will let inflation run hotter if this helps achieve full employment.

Janet Mui, investment director at Brewin Dolphin, told CNBC’s “Street Signs Europe” Friday that while the Fed had factored in inflation trending higher, the key would be to watch whether this continues through the end of the year and into 2022.

If that did happen, Mui believed the Fed could become “more concerned.”

However, if fears are based solely on stronger economic data — and actual inflation is not sustained — she didn’t believe it would be a worry for the central bank.

There are no auctions scheduled to be held Friday.

— CNBC’s Maggie Fitzgerald contributed to this report.

https://www.cnbc.com/2021/04/09/us-bond ... -data.html

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Apr 09, 2021 1:40 p

REUTERS

"TREASURIES OUTLOOK-U.S. yields rise after producer prices data; focus on supply next week"


By Gertrude Chavez-Dreyfuss

APRIL 9, 2021

* U.S. producer prices rise more than expected

* U.S. yield curve steepens, with 2-year/10 year spread at 149 bps

* Looming $120 billion in Treasury supply next week

* Investors also look to CPI next week


NEW YORK, April 9 (Reuters) - U.S. Treasury yields rose on Friday after higher-than-expected producer prices data for March that showed inflation perked up, in line with other upbeat reports that suggested the world’s largest economy was on a stable path to recovery from the pandemic.

U.S. yields across the board hit session highs after the PPI numbers.

By afternoon trading yields had come off their highs, as has been the case all week.

“I think the market is willing to give a little benefit of the doubt to the Federal Reserve, which said that the first wave of inflation would be transitory,” said Lou Brien, market strategist at DRW Trading in Chicago.

“There seems to be an uneasy tension, but we do seem to have fallen into a level on yields where we’re willing to hang out until we get to a resolution,” Brien added.

At an International Monetary Fund event on Thursday, Powell said a surge in spending as the U.S. economy reopens, along with bottlenecks in supply, will likely push prices higher this year, but would not result in the kind of yearly price increases that would constitute inflation.

Friday’s data, which showed U.S. producer prices increased more than expected in March, helped propel yields higher in the morning session.

U.S. producer prices posted the largest annual gain in 9-1/2 years, fitting in with expectations for higher inflation as the economy reopens.

Going into next week, investors looked to Treasury supply of $120 billion in 3-year, 10-year, and 30-year debt that could pressure prices and push yields higher.

“Supply remains very much top of mind and following what had been a nearly universally smooth underwriting process throughout the bulk of the pandemic, the volatility in the primary market lately has drawn renewed focus on Treasury auction,” BMO Capital Markets said in a research note.


Investors are also looking at U.S. consumer prices data next week, with the monthly index seen at 0.2% and a yearly gain of 1.5%.

In afternoon trading, the U.S. 10-year Treasury yield rose to 1.662% from 1.632% on Thursday.

U.S. 20-year yields defied Friday’s trend, falling to 2.223%, from 2.224% on Thursday.

U.S. 30-year yields were up at 2.337% from Thursday’s 2.322%.

U.S. 5-year note yields, which typically reflect interest rate expectations, rose for the first time in five days to 0.875% from Thursday’s 0.84%.

On the week, the 5-year yields dropped nearly 5 basis points, the largest fall since mid-December.

The yield curve, which has become a barometer of risk sentiment in the bond market, steepened on Friday following the data.

The spread between U.S. 2-year and 10-year yields rose to 149.90 basis points.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Toby Chopra and Will Dunham)

https://www.reuters.com/article/usa-bon ... SL1N2M22TB

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Apr 09, 2021 1:40 p

REUTERS

"Volcano erupts in southern Caribbean, sparking evacuation 'frenzy'"


By Robertson S. Henry

APRIL 9, 2021

ROSE HALL, St Vincent and the Grenadines (Reuters) -La Soufriere volcano on the eastern Caribbean island of St. Vincent erupted on Friday after decades of inactivity, sending dark plumes of ash and smoke billowing into the sky and forcing thousands from surrounding villages to evacuate.

Dormant since 1979, the volcano started showing signs of activity in December, spewing steam and smoke and rumbling away.

That picked up this week, prompting Prime Minister of St. Vincent and the Grenadines Ralph Gonsalves to order an evacuation of the surrounding area late on Thursday.

Early on Friday it finally erupted.

Ash and smoke plunged the neighboring area into near total darkness, blotting out the bright morning sun, said a Reuters witness, who reported hearing the explosion from Rose Hall, a nearby village.

Smaller explosions continued throughout the day, Erouscilla Joseph, director at the University of the West Indies Seismic Research Centre, told Reuters, adding that this kind of activity could go on for weeks if not months.

“This is just the beginning,” she said.

St. Vincent and the Grenadines, which has a population of just over 100,000, has not experienced volcanic activity since 1979, when an eruption created approximately $100 million in damages.

An eruption by La Soufriere in 1902 killed more than 1,000 people.

The name means “sulfur outlet” in French.

The eruption column was estimated to reach 10 km (6.2 miles) high, the seismic research centre said.

Ash fall could affect the Grenadines, Barbados, St. Lucia and Grenada.

“The ash plume may cause flight delays due to diversions,” the centre said on Twitter.

“On the ground, ash can cause discomfort in persons suffering with respiratory illnesses and will impact water resources.”

Local media have in recent days also reported increased activity from Mount Pelee on the island of Martinique, which lies to the north of St. Vincent beyond St. Lucia.

EVACUATIONS IN COVID ERA

Some 4,500 residents near the volcano had evacuated already via ships and by road, Gonsalves said at a news conference on Friday.

Heavy ash fall had halted the evacuation efforts somewhat due to poor visibility, according to St. Vincent’s National Emergency Management Organisation (NEMO).

“The place in general is in a frenzy,” said Lavern King, 28, a shelter volunteer.

“People are still being evacuated from the red zone, it started yesterday evening and into last night.”

Gonsalves said that depending on the extent of the damage, it could be four months before evacuees could return home.

Welling up with tears, he said neighboring islands such as Dominica, Grenada and Antigua had agreed to take evacuees in and cruise lines could ferry them over - as long as they got vaccinated first.

That though could prove a challenge, said opposition senator Shevern John, 42.

“People are very scared of the vaccine and they opt out of coming to a shelter because eventually they would have to adhere to the protocol,” she said.

Shelters are also having to limit the number of evacuees they take due to COVID-19 protocols.

Vincentians would have to wait for further scientific analysis to know what steps to take next, she said.

“It can go for a few days or a few weeks,” she said.

“At the moment, both ends of the island are covered in ash and very dark.”

Reporting by Robertson S. Henry in Rose Hall and Kate Chappell in Kingston; Writing by Sarah Marsh and Frank Jack Daniel; Editing by Howard Goller and Rosalba O’Brien

https://www.reuters.com/article/us-cari ... SKBN2BW219

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Apr 09, 2021 1:40 p

REUTERS

"S&P 500, Dow climb for third day and close at records"


By Chuck Mikolajczak

APRIL 9, 2021

(Reuters) -The S&P 500 and the Dow rose on Friday to close at record highs, posting a third straight weekly rise partly on a lift from growth stocks, with a late-day rally building gains ahead of quarterly earnings season next week.

Growth names have found their footing over the past two weeks after being outperformed by value stocks for most of the year.

A pullback in the 10-year U.S. Treasury yield from a 14-month high hit in late March encouraged buying in growth.

Data showed U.S. producer prices increased more than expected in March, bringing the largest annual gain in 9-1/2 years.

Many investors now expect higher inflation as vaccine rollouts help the U.S. economy rebound from lockdowns, yet stocks showed little concern as the Federal Reserve has maintained it will allow inflation to overshoot its target.

“This is why all week long (Powell) was jawboning, he made sure everyone understood they were expecting a spike and they are ready for it, it wasn’t a surprise,” said Ken Polcari, managing partner at Kace Capital Advisors in Jupiter, Florida.

“Which is why the market is not backing off, because he succeeded in jawboning the anxiety and stopped people from getting really panicked about it.”

The Dow Jones Industrial Average rose 297.03 points, or 0.89%, to 33,800.6, the S&P 500 gained 31.63 points, or 0.77%, to 4,128.8 and the Nasdaq Composite added 70.88 points, or 0.51%, to 13,900.19.

For the week, the S&P rose 2.71%, the Dow advanced 1.96% and the Nasdaq climbed 3.12%.

The banks kick off first-quarter earnings season next week with Goldman Sachs, JPMorgan and wells Fargo scheduled to report on Wednesday.

Analysts expect profits for S&P 500 firms to show a 25% jump from a year earlier, according to Refinitiv IBES data.

That would be the strongest performance for the quarter since 2018.

Megacap names such as Apple, Amazon and Microsoft, which are in the growth index, advanced to pace the S&P 500.

Amazon shares rose 2.21% as warehouse workers in Alabama rejected an attempt to form a union.

The Russell 1000 growth index, comprised largely of technology stocks, outperformed its value counterpart, made up mostly of cyclical stocks such as financials and energy names, for a second week following the pullback in longer-dated Treasury yields.

Bank of America’s weekly fund flow figures showed investors have pumped more money into equities over the past five months than in the last 12 years.

A 3.24% gain in Honeywell helped lift the Dow as Jefferies and J.P. Morgan raised their price targets on the U.S. aero parts maker’s shares.

Volume on U.S. exchanges was 8.69 billion shares, compared with the 11.71 billion average for the full session over the last 20 trading days.

Reporting by Chuck Mikolajczak; Editing by David Gregorio

https://www.reuters.com/article/us-usa- ... SKBN2BW1FW

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