Emphasizing the need for’greater aid’ at a hearing for approval of the Finance Minister
Major indexes on the New York Stock Exchange turned higher at the same time as U.S. Treasury-nominee Yellen stressed the need for massive fiscal stimulus measures at a confirmation hearing.
On the 19th (hereafter local time), the Dow Jones Industrial Average of the US New York Stock Market closed at 3930.52, up 116.26p (0.38%) from the closing price of the previous trading day.
The Standard & Poor’s (S&P) 500 index rose 30.66p (0.81%) to 3798.91, while the technology stock Nasdaq index rose 198.68p (1.53%) to close at 13,197.18.
The Dow index turned upward after falling for three consecutive trading days, and the S&P 500 index and the Nasdaq index turned upward after falling tax on the second trading day.
The Wall Street Journal reported that a major stock index rose as Treasury-nominee Janet Yellen expressed views that it would increase spending on coronavirus bailouts. The media reported that Yeren, who served as chairman of the Federal Reserve System, supported fiscal stimulus measures to help workers and businesses hit by the coronavirus pandemic at the Senate Finance Committee’s confirmation hearing on the same day.
Yellen urged lawmakers to act boldly to support the recovery, saying the United States will face a longer and more painful recession unless Congress approves more aid.
President-elect Joe Biden announced last week a $1,900 trillion fiscal stimulus package that included spending on the distribution of vaccines and $1,400 directly paid to most households. Biden is expected to take office as US president on Wednesday.
Also, nominee Yellen expressed the opinion that it was premature to discuss the tax increase. He said some of the Donald Trump administration’s tax cuts on large corporations and high-income people need to be reverted, but now is the time to focus on the pandemic response.
Stock markets in major European countries, which showed an uptrend the day before, fell all at once. According to an analysis, it was affected by the decision to extend the blockade order issued by the German government to prevent the spread of Corona 19 until the 15th of next month.
On this day, the DAX 30 index of the Frankfurt Stock Exchange in Germany ended at 13,815.06, down 0.24% from the closing price on the previous trading day, and the FTSE 100 index in the London stock market fell 0.11% to 6712.95. France’s Paris CAC 40 index fell 0.33% to 5598.61, while the pan-European index Euro Stoxx 50 closed at 3595.42, down 0.20%.
International oil and gold prices rose. On the same day, on the New York Mercantile Exchange for February delivery, West Texas crude oil (WTI) was traded at $52.98, up 1.2% ($0.62) per barrel from the previous trading day. It rose to 1840.20 dollars.
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