Nasdaq ends at records but Biden actions slam oil shares

22 Janvier, 2021, 02:06 | Auteur: Auguste Feret
  • A Wall St sign is seen near the New York Stock Exchange

Global shares mostly rose Thursday on optimism over the new US administration that earlier set off a rally on Wall Street.

The S&P 500 and Nasdaq closed at record highs on Thursday, propelled by optimism about more pandemic relief under the Biden administration to support the economy after data showed a tepid labour market recovery.

France's CAC 40 gained 0.4% in early trading to 5,648.29, while Germany's DAX rose 0.6% to 14,003.82. S&P 500 futures rose 0.2% to 3,850.62.

Japan's Nikkei was up 0.72 per cent, less than one per cent off three-decade highs reached last week. Australia's S&P/ASX 200 gained 0.8% to 6,823.70, while South Korea's Kospi edged up 1.5% to 3,160.84.

Chinese blue-chips added 1.2 per cent, Australian shares climbed 0.69 per cent and Hong Kong's Hang Seng breached the 30,000 level, rising 0.31 per cent.

But other data showed the housing and manufacturing sectors as areas of strength to help buttress the economy. Imports declined 11.6%, marking the 20th straight month of declines. The Bank of Japan kept its easy monetary policy at its policy board meeting, as expected.

"We've had a very strong momentum going into this year and coming into the Biden administration. because of prospects of a bigger stimulus check and more spending in general", said Mohannad Aama, managing director at Beam Capital Management LLC in NY.

He has also pitched a plan to pump US$1.9 trillion more into the struggling economy, hoping to act quickly as his Democratic party takes control of the White House and both houses of Congress.

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The hope on Wall Street is that such stimulus will help carry the economy until later this year, when more widespread COVID-19 vaccinations get daily life closer to normal.

Biden took a flurry of executive actions in his first hours as president. Stocks tied to clean energy rose, continuing gains they have made since Biden won the election. The bump for stocks between Election Day and Biden's inauguration was bigger than Trump's bump between his election and inauguration.

The number of Americans filing new applications for unemployment benefits dipped to 900,000 last week, but still remained stubbornly high as the Covid-19 pandemic tears through the nation, raising the risk that the economy will shed jobs for a second straight month in January.

While the benchmark S&P 500 and the blue-chip Dow were about flat by 10:00 a.m. ET after gaining in the past two sessions, a jump in shares of technology heavyweights Alphabet Inc, Apple Inc and Inc lifted the Nasdaq by 0.2%.

"We think that global growth is going to continue to pick up", she said.

Energy, financial and industrial stocks, which have helped the S&P 500 rally 14% since the November 3 presidential election, fell between 0.3% and 1.3%.

Ford Motor Co jumped 6.2 per cent, extending gains for a second straight day after Deutsche Bank raised its price target on the United States automaker's stock. The euro cost $1.2119, down from $1.2134.



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