U.S. airline companies have been prohibited from flying to China, except for about one flight per airline per week to a destination. The U.S. allowed more flights than this to continue after the shutdown, but now the U.S. will also limit them to one flight per week per destination. Many charter flights to the U.S. have been allowed in the U.S. from China up until now but will limit them also to one flight per week.
President Trump wants to place pressure on China because of their actions in Hong Kong, which have brought in National Security operations. Limited aircraft flights to the U.S. are also a move to allow the U.S. to have increased flights as well. China is not yet willing to provide an answer as to when U.S. flights to China may be increased.
A New $1,200 Stimulus Check
A new bill is being introduced that will hopefully give unemployed people another $1,200 to go back-to-work. The bill was introduced by Texas Representative Kevin Brady. The money is intended to get more employees back to work in Main Street businesses to help prevent those businesses from going bankrupt. It is believed that many employees are not going back to work because the increased unemployment benefits give them more than they would normally get from working.
Chicken Company Executives Indicted for Price-Fixing
The Department of Justice stated that four executives (one is a former executive) of Pilgrim’s Pride in Colorado and Claxton Poultry in Georgia have been indicted by a federal grand jury on charges of fixing prices. They have been found guilty of trying to rig prices from 2012 to 2017. If found guilty, the executives could get sentenced up to 10 years in prison and face a $1 million fine.
Oil Getting Closer to $40 per Barrel
Although oil prices nearly hit $40 earlier in the day, prices dropped back down to about $37 per barrel for WTI crude. News has come out that Saudi Arabia had not fulfilled their part of the oil reduction agreement. In response to this news, President Trump said that the U.S Patriot missile system that is deployed there to protect their oil will be removed.
As the nation opens up more, people are starting to get re-accustomed to traveling. People are increasingly taking planes and trains, and more trucks are also hitting the road. This increasing confidence in the economy has raised people’s hopes that the end of the economic crisis may be nearly over. The Dow Jones Transportation Average closed higher today than it has been since March 5th, rising 305.89 points.
The Stock Market
Each of the major stock markets has shown gains each day since Monday. This is surprising because of all the protests that are taking place across the nation. The three largest cruise lines have also had gains. Royal Caribbean Cruises LTD. had the greatest gains.
Although still relatively high, gold prices dropped 1.7%, closing at $1,704.80. This is the lowest price that has been seen in about three weeks.
Among the sectors, Retail Trade had the highest gains, seeing an increase of 20.04%. Technology Services were second with gains of 16.76% today. The 10-year yield showed an increase of 0.76%.