October 14, 2020
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia said today that third quarter earnings reports turned out very positive, which means that the economy is actually becoming better during the COVID-19 pandemic. He also pointed out that even though a stimulus package may be voted on, Nancy Pelosi wants none of it in order to prevent any action that would help get President Trump reelected.
“It looks like Wall Street lost a little bit of ground on Tuesday,” said Celia. “Not a lot, though; everything was down about a half, a 1%. It didn’t change much all day. Of course, we did get some earnings reports out. They were from a couple of the major banks and we’ll get a few more on Wednesday and Thursday. Needless to say, not unexpected, the big banks have reported excellent earnings. All of the earnings reports that are going to turn out very, very positive are going to be somewhat irrelevant to the market, but it’s going to be some confirmation that the economy is doing well, that the economy is recovering amazingly well, and will likely continue to do so. Almost from the beginning of April, everybody began to talk about third quarter earnings and almost everybody believed that third quarter earnings were going to be very good. And here we are, and it turns out they are going to be good. The markets have already factored that in. I would even suggest that a lot of the buying that has happened over the last few weeks has been primarily due to the start of earnings season and getting a little bit ahead of that curve.
“Also, Majority Leader Mitch McConnell said the Republican-led Senate would vote on a targeted stimulus package on Monday. Well, even though they may vote on it, Nancy Pelosi will have none of it. She is holding the position that doing nothing is far better than doing something that will help President Trump get reelected. I’m not expecting any kind of vote on Monday, but we’ll see what happens.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
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