President-elect Joe Biden’s $1.9 trillion economic relief package includes proposals likely to be opposed by many Republicans, which may lead to drawn-out talks before an agreement is reached. While many of the elements in the plan could pass the Senate with a simple 50-50 partisan split, some such as state aid and money for health care will likely need 60 votes in the chamber. The timing of the impeachment trial of President Donald Trump could add another road block to a swift agreement on new stimulus. 

JPMorgan Chase has released almost $3bn it had reserved for loan losses at the height of the pandemic, contributing to a 42 per cent surge in net income for the biggest US bank in the final three months of 2020 versus a year earlier.  The bank reported record profits of $12.1bn.  JP Morgan’s fourth-quarter revenue of $29.2bn was up 3 per cent year on year.  

The furious pace of IPOs and SPACs is showing no sign of letting up anytime soon as management teams and big name investors take advantage of the easy money sloshing around in financial markets. Case in point: Affirm, a company that helps consumers finance online purchases, finished its trading debut up 98% on Wednesday, giving a nice shot in the arm for Shopify, which holds about 20M shares through warrants. Petco went public for the third time on Thursday, soaring 63% and valuing the retailer at more than $6B.

With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.