US stocks rose Thursday as traders weighed in a large potential economic stimulus package and other good news on vaccines against the pressure of weak economic data and political unrest.
The Dow Jones Industrial Average gained 150 points, led by Boeing and Intel, while the S&P 500 was up 0.2%. The highly technological Nasdaq Composite rose 0.4%.
President-elect Joe Bidenis is expected to unveil a stimulus package on Thursday night that will include a boost to recent direct payments of $ 600, an extension of increased unemployment insurance and support for state and local governments. The stimulus could reach $ 2 trillion, CNN reported.
“Stocks increase their earnings through continued stability of the ‘three pillars’ (stimulus, vaccines and profits),” Vital Knowledge’s Adam Crisafulli wrote in a note. “The $ 2T count is roughly in line with expectations and investors need to watch returns very closely … All the noise about Trump’s impeachment is largely unrelated to the markets.”
Trial data released Wednesday showed Johnson & Johnson’s single-dose coronavirus vaccine to be safe and generate a promising immune response.
However, investors also digested worse-than-expected jobless claims data. Initial claims for unemployment insurance soared to 965,000 last week, more than the estimate of 800,000 new claims, according to economists surveyed by Dow Jones.
The market held up in the previous session even as House members voted to impeach President Donald Trump for the second time, making him the first US president to be impeached twice as a bipartisan majority had him accused of inciting a riot in the United States Capitol last week. .
Wednesday’s slight gains for the S&P 500 and Nasdaq came after Intel rallied nearly 7% to lead tech stocks higher. They also tracked the easing of US interest rates from their highest levels since March 2020.
The yield on the 10-year Benchmark Notes slipped to 1.09% on Thursday a day after peaking at 1.18%. This rate cut came as Federal Reserve officials noted that monetary policy will remain easy for the foreseeable future.
Rates have risen this year amid the prospect of increased fiscal stimulus in the United States after Democrats won a majority in the House and Senate. Inflation expectations have also picked up recently.
“We believe inflation in the United States will be higher than most people think over the next two years,” wrote Adam Hoyes, assistant economist at Capital Economics. “At the same time, we think investors are overestimating how quickly the Fed will allow monetary conditions to tighten. The Fed’s new flexible average inflation targeting framework suggests that it will allow inflation to exceed 2% for a period over the next several years. “
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