Danielle DiMartino Booth of Quill Intelligence, Chief Economist Brian Wesbury of First Trust Advisors and CFRA Chief Investment Strategist Sam Stovall provide information on the markets and confirmation by Janet Yellen as Treasury Secretary.
U.S. stock futures pointed to a bullish opening on Wall Street before Joe Biden’s inauguration as U.S. president.
The main future indices suggest a 0.9% gain for the Nasdaq and an increase of 0.3% for the Dow.
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The earnings season continues on Wednesday, with two Dow members – healthcare giants UnitedHealth Group and Procter & Gamble – reporting ahead of the opening bell. Investors will also analyze the figures for investment bank Morgan Stanley.
Wednesday afternoon will feature United Airlines Holdings, Discover Financial and Kinder Morgan.
In Europe, London’s FTSE rose 0.1%, Germany’s DAX gained 0.7% and France’s CAC rose 0.6%.
In Asia, Japan’s Nikkei 225 benchmark fell 0.4%, Hong Kong’s Hang Seng rose 1.1% and China’s Shanghai Composite rose 0.5%.
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Hopes were growing that Biden’s planned stimulus to the American economy – as well as measures to contain the pandemic – would boost regional markets.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 30930.52 | +116.26 | + 0.38% |
| SP500 | S&P 500 | 3798.91 | +30.66 | + 0.81% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13197.179496 | +198.68 | + 1.53% |
On Tuesday, the S&P 500 rose 30.66 points, or 0.8%, to 3,798.91, pulling 1% from its record set earlier this month. The Dow Jones Industrial Average added 116.26 points, or 0.4%, to 30,930.52. The Nasdaq compound gained 198.68 points, or 1.5%, to 13,197.18.
Markets are booming with enthusiasm about an approaching economic recovery, as more people are vaccinated with the COVID-19 vaccines and Washington is preparing to try another round of economic stimulus.
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Janet Yellen, Biden’s nominee for Treasury secretary, told the Senate Finance Committee during its confirmation hearing that the new government would focus on getting swift approval of its $ 1.9 trillion pandemic relief plan.
The plan would include cash payments of $ 1,400 for most Americans. Democrats were also pushing for faster distribution of COVID-19 vaccines, higher minimum wages for workers and greater benefits for laid-off workers. Their hope is that such a stimulus could lead the economy towards the end of this year, when more widespread vaccinations will return life to its normal appearance.
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In the energy trade, the US reference oil amounted to 61 cents, to $ 53.59 a barrel. Brent crude, the international standard, rose 51 cents to $ 56.41.
The Associated Press contributed to this report.