Danielle DiMartino Booth of Quill Intelligence, Brian Trust, Chief Economist of First Trust Advisors, and Sam Stovall, CFRA’s Chief Investment Officer, provide insight into the markets and the confirmation of Janet Yellen as Secretary of the Treasury.
U.S. stock futures on Wall Street pointed to a higher opening ahead of Joe Biden’s inauguration as U.S. president.
The major futures indices are up 0.9% for the Nasdaq and up 0.3% for the Dow.
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The earnings season continues on Wednesday, with two Dow members – the healthcare giant UnitedHealth Group and Procter & Gamble – ahead of the opening bell. Investors will also consider the numbers from investment bank Morgan Stanley.
United Airlines Holdings, Discover Financial and Kinder Morgan will be presented on Wednesday afternoon.
In Europe, the London FTSE added 0.1%, the German DAX 0.7% and the French CAC 0.6%.
In Asia, Japan’s benchmark, the Nikkei 225, fell 0.4%, Hong Kong’s Hang Seng rose 1.1% and China’s Shanghai Composite rose 0.5%.
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Hopes have risen that Biden’s planned stimulus to the US economy – as well as measures to stem the pandemic – will boost local markets.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 30930.52 | + 116.26 | + 0.38% |
| SP500 | S&P 500 | 3798.91 | +30.66 | + 0.81% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13197.179496 | +198.68 | + 1.53% |
On Tuesday, the S&P 500 rose 30.66 points, or 0.8%, to 3,798.91, rising to 1% from its record high earlier this month. The Dow Jones industrial average averaged 116.26 points, or 0.4%, at 30,930.52. The Nasdaq composite scored 198.68 points, or 1.5%, to 13,197.18.
Markets are growing on enthusiasm for an upcoming economic recovery as more people are vaccinated with COVID-19 vaccines and Washington is once again trying to bring about another round of economic stimulation.
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Janet Yellen, Biden’s nominee as treasury secretary, told the Senate Finance Committee during her confirmation hearing that the incoming government would focus on achieving its 1.9 billion pandemic relief plan quickly.
The plan would include $ 1,400 cash payments for most Americans. Democrats also called for faster deployment of COVID-19 vaccines, a higher minimum wage for workers and increased benefits for laid-off workers. Their hope is that such stimulus can carry the economy until later this year, when more widespread vaccinations bring life back to normal.
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In energy trading, standard U.S. crude added 61 cents to $ 53.59 a barrel. Brent crude, the international standard, rose 51 cents to $ 56.41.
The Associated Press contributed to this report.