Stock futures were slightly higher early on Friday after Treasury Secretary Janet Yellen said a major Covid relief program was needed for a full recovery in the United States.
Dow Jones Industrial Average futures implied an opening gain of around 55 points. S&P 500 futures rose 0.2%, while Nasdaq 100 futures gained 0.3%.
Yellen told CNBC on Thursday after the bell that more stimulus was needed even as some economic data suggested a quick rebound. She added that a $ 1.9 trillion stimulus deal could help the United States return to full employment within a year.
“We think it’s very important to have a big package [that] responds to the pain this has caused 15 million Americans on their rent, 24 million adults and 12 million children who do not have enough to eat, small businesses fail, ”Yellen told Sara Eisen of CNBC during an interview with “Closing Bell”.
“I think the price of doing too little is much higher than the cost of doing something big. We believe the benefits will far outweigh the costs in the long run,” she added.
The stock market rally to record highs came to a standstill this week as fears of rising rates and inflation crept in. The S&P 500 fell for a third straight day Thursday after a worse-than-expected reading on jobless claims and weak forecasts from Walmart. The 10-year Treasury yield this week hit its highest level in nearly a year, although Friday was still just 1.30%.
Yellen said she didn’t think inflation should be the biggest concern.
“Inflation has been very low for over a decade, and you know it’s a risk, but it’s a risk that the Federal Reserve and others have the tools to deal with,” he said. she declared. “The greatest risk is to scarring people, of seeing this pandemic wreak lifelong havoc on their lives and their livelihoods.”
Many on Wall Street agree with Yellen that a significant stimulus is needed and that this package, along with a smooth economic reopening this year, will cause the market rally to continue.
“Much of our rationale for further gains from here depends on the continued belief that the key drivers that helped lift the market to current levels will remain intact,” said Scott Wren, senior global market strategist for Wells Fargo, in a note. One of the drivers is “additional stimulus from Congress that will help bridge the gap between when vaccines are widely distributed.”
The House of Representatives will attempt to pass a $ 1.9 trillion coronavirus relief plan before the end of February, President Nancy Pelosi said Thursday. Democratic leaders in Congress can try to pass a package without a Republicans vote.
Applied Materials, which makes the equipment used to make semiconductors, gave a better-than-expected second quarter forecast. Stocks gained 5% in pre-market trading. Other chip-related stocks have also risen, including Lam Research, AMD and Nvidia.
The S&P 500 and Nasdaq Composite are down 0.5% and 1.6% this week, respectively, on track to break their two-week winning streak. The blue chip Dow Jones has only risen 0.1% since the start of the week.
To subscribe to CNBC PRO for exclusive news and analysis and live business day programming from around the world.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]