President and CEO of the Federal Reserve Bank of Atlanta discusses the future of the economy with FOX Business’ Connell McShane.
U.S. stock futures traded higher in hopes of additional economic stimulus after President-elect Joe Biden took office.
The major futures indices point to a 0.3% gain when the Wall Street session kicks off on Friday.
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While Democrats are ready to take control of Washington, investors expect the Biden government and Congress to try to deliver $ 2,000 checks to most Americans, increase infrastructure spending and take other measures to boost the economy. nursing amid the worsening pandemic.
The first major economic event of the new year comes on Friday morning with the work report in December. The Department of Labor is expected to say that the U.S. economy added a meager 71,000 new non-farm jobs last month, the sixth consecutive month of declining profits and below 245,000 in November, well below the 469,000 estimate wash.
It would also be the smallest gain since the recovery of jobs began in May. The unemployment rate is expected to rise to 6.8% from 6.7% in November, the lowest since March.
ANOTHER 787,000 Americans filed last week for unemployment benefits
In Europe, the FTSE in London added 0.1%, the German DAX by 0.7% and the French CAC by 0.3%.
In Asia, the Japanese Nikkei 225 rose 2.4% to close at 28,139.03, its highest finish in more than 30 years.
Hang Seng in Hong Kong jumped 1.2%, while the Chinese Shanghai Composite declined 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 victory in the presidential election and a shift in Senate control to Democrats, and largely shifted from the previous day’s violence and chaos at the Capitol building .
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 31041.13 | + 211.73 | + 0.69% |
| SP500 | S&P 500 | 3803.79 | + 55.65 | + 1.48% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13067.479759 | +326.69 | + 2.56% |
President Trump issued a statement saying there would be an “orderly transition on January 20,” although he still falsely claimed he had won. Democratic victories in the two playoffs held Tuesday for Georgian U.S. Senate seats tipped the Senate to a 50-50 split (with two independent independent parties overseeing the Democrats), with possible ties severed by the elected vice. President Kamala Harris.
The rally was broad-based, although the S&P 500’s technology sector made the biggest gains, recovering from losses a day earlier. The Dow rose 0.7% to 31,041.13. The technically heavy Nasdaq climbed 2.6% to 13,067.48.
Wall Street’s last rally contributes to the gains of a day earlier, when shares rose on Democrats’ victories in the Senate’s runoff. Investors are largely ignoring the current political turmoil – and the acceleration of the coronavirus pandemic around the world – and are focusing on the prospects for an improving economy.
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In energy trading, standard U.S. crude added 34 cents to $ 51.17 a barrel in electronic trading on the New York Mercantile Exchange. It rose 20 cents to $ 50.83 a barrel on Thursday. Brent crude, the international standard, rose 42 cents to $ 54.80 a barrel.
The Associated Press contributed to this report.