January 14: Market Summary
President-elect to unveil details on relief package as U.S. unemployment claims rise
Here are today’s market moves:
S&P 500 down 0.38% to 3,795.54
Dow Jones down 0.22% to 30,991.52
Nasdaq down 0.12% to 13,112.64
Gold: $1,852
Bitcoin: $38,649
US10Y: 1.102%
What happened?
U.S. stocks edged lower Thursday as investors awaited details of the incoming Biden administration’s plans for a fresh coronavirus relief package.
All three indexes had risen earlier in the day, only to give up their gains in the final hour of the trading session.
New jobless claims data showed that 965,000 people applied for unemployment insurance in the week ended Jan. 9, more than economists had expected.
President-elect Joe Biden is calling for a $1.9 trillion Covid-19 relief plan to help Americans weather the economic shock of the pandemic and pump more money into testing and vaccine distribution.
President-elect urges Congress to back $1,400 per-person direct payments and asks for funding for testing and vaccine distribution
The latest data from China shows a humming economy. Exports rose 18 percent in December from a year earlier, reflecting global demand for work-from-home devices. Imports also increased, 6.5 percent from a year earlier, a sign of a strengthening consumer economy inside the country.
This Week
Monday: Earnings expected from Synnex
Tuesday: Earnings expected from Albertsons
Wednesday: Earnings expected from Infosys and IHS Markit
Thursday: Weekly jobless claims. Earnings expected from Delta and BlackRock
Friday: Earnings expected from JPMorgan Chase, Wells Fargo, and Citi