The US stock benchmark traded higher on Thursday morning, and the Dow touched an intraday record, despite a report showing claims for weekly unemployment benefit that rose to the highest level since last August, as some states again. Trade lockdowns were imposed to counter the Koronov epidemic.
However, investors remain focused on the prospects of further financial support from the government, with President-Elect Joe Biden scheduled to detail more fiscal stimulus Thursday evening.
What are the major benchmarks?
Dow Jones Industrial Average DJIA,
It rose 144 points or 0.5% to 31,203 levels, touching an intra-day record at 31,223.78.
S&P 500 Index SPX,
Was trading at 3,822, up 12 points or 0.3%.
Nasdaq Composite Index Comp
Was climbing 74 points or 0.6% at 13,203.
Jan Donald Trump received exactly 0.1% less than the House’s vote to impeach President Donald Trump on Wednesday, while the S&P 500 SPX,
And the Nasdaq Composite Comp,
Slightly more finished.
What is driving the market?
CNN reported that Bidding, Joe Wilmington, Del. Is due to speak in, is slated to outline a spending package late Thursday night that would include more direct payments to American families and significant state and local funding.
Hussein Saeed, FXTM’s chief market analyst, said another round of large, direct payments in the notes may be the most complicated part of the package, as most Republicans and some Democrats in the Senate are too big. “
“On the other hand, opting for a smaller package will disappoint investors and may bring benefits in equity markets,” he said. “Finding the right balance will not be easy.”
The Department of Labor reported on Thursday that the US weekly jobless benefit claims report at the beginning of January was the highest at the end of August, which increased from 181,000 to 965,000 as the COVID-19 pandemic renewed, when the Department of Labor reported Thursday. It is locked out. Economists, on average, estimated that 800,000 would have claims.
The U.S. added at least 230,476 new cases on Wednesday, according to the New York Times Tracker, and counted at least 3,922 deaths, setting a record of more than 4,400 on Tuesday, the highest in a single day since the outbreak began.
Figures claiming higher unemployed benefits in early January, however, may help strengthen the argument among those who make the case that the economy needs more financial help as the virus spreads to a new level .
“The number of hard jobs at a certain point such as we saw this morning can serve as a tinder for those calling for improvement, but the market outlook seems to be that the lights at the end of the tunnel are in sight, Despite a plodding vaccine rollout, ”wrote comments emailed to Mike Lauvengart, investment strategist at E-Trade Financial.
“A bleaker is more likely to have a full-blown stimulus package than the jobs report ahead, which serves broadly for the market,” he said.
Optimism for the new support has supported rapid predictions for market performance in 2021. In fact, David Costin of Goldman Sachs states that the S&P 500 will end in 2021 at 4,300.
Meanwhile, investors will also keep an eye on the bond yield, which was higher last week and earlier this week over concerns that another fiscal package could boost inflation. This can cause trouble for stocks, as higher yields make it harder to justify higher stock-market valuations. Investors may also fret that a spike in inflation will allow the Federal Reserve to relax its bond-buying program more quickly than expected.
In other economic news, the US import price index rises 0.9% in December and 0.4% in December, excluding fuel prices.
Investors will also pay attention to a speech by Fed Chairman Jerome Powell at 12:30 pm.
Which companies are the focus?
Shares declined 3.7% after Asset Manager, with $ 8.7 trillion in assets under management, reported fourth-quarter profit and revenue that beat expectations.
Shares of Tesla Inc.
1.2% were lower. The National Highway Traffic Safety Administration sent a letter to the electric-vehicle manufacturer demanding a voluntary withdrawal of 158,000 Model X units from the 2016, 2017 and 2018 model years on potential works impacted by possible defects, including rear-view-camera operation.
Google parents Alphabet Inc. Share GOOG,
This can be said after the company completes the acquisition of fitness tracking company Fitbit. Alphabet’s Class A and C shares strengthened by 0.4%.
The stock was in focus after being reported by CNBC that it was proposing a higher bitAcacia Communications
Cisco shares rose 0.3%, while Acacia shares rose 31%.
Virgin Galactic SPCE shares,
Space exploration by ARK Investment Management jumped more than 20% after it was filed by the ARK Investment Commission to launch exchange-traded funds.
How are other assets trading?
TMUBMUSD02Y, yield on 10-year US Treasury note
There was 1 basis point around 1.10%.
ICE US Dollar Index DXY,
The gauge of the currency was 0.2% against a basket of six major rivals.
Oil futures were trading lower with the US benchmark CL.1,
0.3% less $ 52.77 per barrel. Gold futures GC00,
Trading down 0.6% at $ 1,843.70 an ounce.
Pan-European Stakes 600 Index SXXP,
Growing 0.4%, while London’s FTSE 100 UKX,
Was up 0.5%.
In Asia, Shanghai Composite SHCOMP,
The Hong Kong Seng Index closed down 0.9%, while the HSI closed.
Climbed 0.9% and Japan’s Nikkei 225 index NIK,