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Federal Reserve Bank of Atlanta President and CEO discusses the future of the economy with Connell McShane of FOX Business.
U.S. equity futures are trading higher in hopes of further economic stimulus after President-elect Joe Biden takes office.
The main futures indices suggest a gain of 0.3% when the Wall Street session on Friday begins.
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As Democrats set to take control of Washington, investors predict the Biden administration and Congress will attempt to deliver $ 2,000 checks to most Americans, increase infrastructure spending, and take more measures to feed the economy amid the worsening pandemic.
The first big economic event of the new year arrives Friday morning with the December jobs report. The Labor Department is expected to say that the U.S. economy added a paltry 71,000 new non-farm jobs last month, the sixth consecutive month of shrinking gains and 245,000 in November, which was well below the estimate of 469,000.
It would also be the smallest gain since the recovery in employment began in May. The unemployment rate is expected to rise slightly from 6.7% to 6.8% in November, the lowest since March.
ANOTHER 787,000 AMERICANS DEPOSITED UNEMPLOYED LAST WEEK
In Europe, London’s FTSE rose 0.1%, Germany’s DAX by 0.7% and France’s CAC by 0.3%.
In Asia, Japan’s Nikkei 225 jumped 2.4% to close at 28,139.03, its best result in over 30 years.
Hong Kong’s Hang Seng jumped 1.2%, while China’s Shanghai Composite fell 0.2%.
On Thursday, the S&P 500 rose 1.5% to a record 3,803.79. Investors were reassured by Congress confirmation of Joe Biden’s presidential victory and a transfer of control from the Senate to the Democrats, and largely moved on from the violence and chaos of the day before on Capitol Hill.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 31041.13 | +211.73 | + 0.69% |
| SP500 | S&P 500 | 3803.79 | +55.65 | + 1.48% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13067.479759 | +326.69 | + 2.56% |
President Trump has issued a statement saying there will be an “orderly transition on January 20,” although he continues to falsely claim he won. Democratic victories in Tuesday’s two rounds of voting for U.S. Senate seats in Georgia tipped the Senate toward a 50-50 split (including two independents meeting with Democrats), with potential ties severed by the Vice President-elect Kamala Harris.
The rally was widespread, although the tech sector of the S&P 500 posted the biggest gain, recouping losses after a pullback a day earlier. The Dow Jones gained 0.7% to 31,041.13. The high tech Nasdaq climbed 2.6% to 13,067.48.
The latest Wall Street rally adds to yesterday’s gains, when stocks rose following Democrats’ second round victories in the Senate. Investors are looking broadly beyond the current political ugliness – and the accelerating coronavirus pandemic around the world – and instead focus on the prospects for improving the economy.
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In energy trading, benchmark US crude added 34 cents to $ 51.17 a barrel in e-commerce on the New York Mercantile Exchange. It gained 20 cents Thursday at $ 50.83 a barrel. Brent, the international standard, rose 42 cents to $ 54.80 a barrel.
The Associated Press contributed to this report.
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