United States stocks gain ahead of Biden inauguration

21 Janvier, 2021, 07:25 | Auteur: Auguste Feret
  • S&P earnings per share and price

At 06:59 a.m. ET, Dow E-minis were up 33 points, or 0.11% and S&P 500 E-minis were up 12.5 points, or 0.33%.

The S&P 500, a barometer for the top 500 USA stocks on the New York Stock Exchange, settled at 3,850, up 1.4 percent, after an all-time high of 3,860 earlier. It made more in revenue during the end of 2020 than analysts expected, though its earnings fell short of forecasts.

Trump has said in the past that he should get credit for the stock market's gains following his election but before his inauguration.

Turning to the Covid-19 pandemic, the USA had now recorded more than 24.8m cases of the coronavirus, claiming the lives of more than 411,500 Americans in the process.

Gains for stocks have been accelerating since Biden's election on enthusiasm about COVID-19 vaccines and potential economic moves. Former President Donald Trump left the White House in the morning and did not attend President Biden's inauguration. Business is good enough for the company that it says it likely doesn't need to borrow anymore to cover its day-to-day operations.

Janet Yellen, Biden's nominee to be Treasury secretary, told the Senate Finance Committee during her confirmation hearing on Tuesday that the incoming administration would focus on winning quick passage of its $1.9 trillion plan. "Without further action, we risk a longer, more painful recession now - and long-term scarring of the economy later".

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US President Joe Biden has assured a massive stimulus in the US, which is keeping the global stock markets buoyant. On Thursday, e-mini futures for the S&P 500 ticked up to new records and were last up 0.26 per cent.

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State officials hope to avoid the type of violence that occurred January 6, when a mob of Trump supporters stormed the U.S. The 350 troops will be among the more than 20,000 from other states responding to assist the Washington D.C.

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"What's interesting about Netflix is that they didn't crash, when the economy crumbled". "We think that global growth is going to continue to pick up". It was down 0.3%.

On the macro front, mortgage applications in the U.S. fell 1.9% in the week ended 15 January, according to the Mortgage Bankers Association.

In European stock markets, the German DAX returned 0.8%, and the French CAC 40 rose 0.5%.

In Europe, Frankfurt ended with a gain of nearly 0.8% and Paris was 0.5% higher, while London added 0.4% as the pound hit a new 2.5-year peak against the dollar.

Bank of New York Mellon skyrocketed down 7.25% after it said its quarterly profits had fallen on lower revenues, while Morgan Stanley slipped 0.24% after posting record profits on the back of a blowout trading quarter. Main urban areas in Japan, including Tokyo, are under a state of emergency, with evening dining at restaurants discouraged. The market has not been this high since late February, before the worst of the economic fallout as a result of COVID-19.

Other Asian markets were stronger. Hong Kong's Hang Seng was little changed, inching up less than 0.1% to 29,974.00, while the Shanghai Composite added 0.4% to 3,597.04.

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