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Danielle DiMartino Booth of Quill Intelligence, Chief Economist of First Trust Advisors Brian Wesbury and Chief Investment Strategist of CFRA Sam Stovall provide an overview of the markets and Janet Yellen’s confirmation as Treasury Secretary.
U.S. equity futures pointed to a higher opening on Wall Street ahead of Joe Biden’s inauguration as U.S. president.
The main forward indices suggest a gain of 0.9% for the Nasdaq and a rise of 0.3% for the Dow.
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The earnings season continues on Wednesday, with two members of Dow – healthcare giants UnitedHealth Group and Procter & Gamble – reporting ahead of the opening bell. Investors will also look at figures from investment bank Morgan Stanley.
Wednesday afternoon, United Airlines Holdings, Discover Financial and Kinder Morgan.
In Europe, London’s FTSE rose 0.1%, Germany’s DAX by 0.7% and France’s CAC by 0.6%.
In Asia, the Japanese benchmark Nikkei 225 lost 0.4%, the Hang Seng of Hong Kong rose 1.1% and the Shanghai Composite of China rose 0.5%.
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Hopes were growing that Biden’s planned boost to the U.S. economy – along with measures to stem the pandemic – would boost regional markets.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 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 less than 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 composite gained 198.68 points, or 1.5%, to 13,197.18.
Markets are excited for an economic recovery to come as more people are vaccinated against COVID-19 and Washington prepares to try another round of economic stimulus.
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Janet Yellen, Biden’s candidate for Secretary of the Treasury, told the Senate Finance Committee during her confirmation hearing that the new administration will focus on quickly adopting its pandemic contingency plan of 1 , $ 9 trillion.
The plan would include $ 1,400 in cash payments for most Americans. Democrats were also calling for a faster rollout of COVID-19 vaccines, a higher minimum wage for workers, and improved benefits for laid-off workers. Their hope is that such a stimulus can carry the economy until later this year, when more widespread vaccinations will allow life to return to some semblance of normalcy.
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In energy trading, benchmark US crude added 61 cents to $ 53.59 a barrel. Brent, the international standard, rose 51 cents to $ 56.41.
The Associated Press contributed to this report.
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