[뉴욕마감]NASDAQ 1.5% increase… Yelan, paradox to support $2 trillion

New York Stock Exchange © AFP=News1

The New York stock market rebounded. One day ahead of President-elect Joe Biden’s inauguration, Finance Minister Janet Yellen emphasized the need for fiscal stimulus at a confirmation hearing.

On the 19th (local time), the Dow index recorded 3930.52, an increase of 116.26 points (0.38%) compared to the battlefield. The Standard & Poor’s (S&P) 500 index also increased 30.66 points (0.81%) to 3798.91, and the Nasdaq index also closed at 13,197.18, which jumped 198.68 points (1.53%).

◇Yelon “Time to act big”

The stock market rose on the back of the remarks of Treasury Secretary Yellen, who served as chairman of the Federal Reserve System of the US Central Bank.

At the Senate approval hearings conducted by video, Nominee Yellen stressed the need for a $2 trillion fiscal stimulus plan, saying, “It’s time to act big.” He stressed that we must act boldly for the recovery of the US economy, which has been shocked by the novel coronavirus infection (Corona 19).

With anticipation for the new government, the trade in reflation is reviving, Bloomberg said.

With the support of the Democratic Party that dominated the Senate and House of Representatives, the Biden administration could boldly push for fiscal stimulus for economic recovery. Last week, the size of the support plan released by Biden-elect was close to $2 trillion.

◇ GM surges 10%… Autonomous driving spurs in collaboration with Microsoft

Large tech stocks have increased significantly. Facebook and Alphabet rose by 3.9% and 3.3%, respectively, and Microsoft (MS) rose by 1.8%. Apple and Amazon rose by 0.5%.

Tesla rose 2.2%. Jeffery’s Securities Inc. raised its quarterly earnings outlook ahead of Tesla’s earnings release next week.

General Motors (GM) soared 9.8%. This is thanks to news that GM’s autonomous driving subsidiary Cruise has received a $2 billion investment from Microsoft.

Of the 11 sectors in the S&P500, three fell and eight rose. Energy was 2.08%, communication was 1.87%, technology was 1.31%. Real estate fell 0.54%, consumer staples 0.44%, and electricity consumption fell 0.37% each.

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