Here are today’s market moves:
S&P 500 up 0.81% to 3,798.91
Dow Jones up 0.38% to 30,930.52
Nasdaq up 1.53% to 13,197.18
Gold: $1,839.30
Bitcoin: $36,575
US10Y: 1.087%
What happened?
Stocks climbed on Tuesday, with Wall Street bouncing back from a slight downturn the week before. The S&P 500 rose 0.81% to 3,798.91.
Markets began the week on a positive note, as rapid coronavirus vaccine rollouts begin to offset worries about the spread of the virus.
The inauguration of Joe Biden as the 46th president of the United States will take place at noon (EST) on Wednesday, January 20, 2021.
U.S. stocks climbed amid a flurry of earnings announcements and testimony by Janet Yellen, Biden’s choice for Treasury Secretary, in which she endorsed higher coronavirus relief spending.
Ms. Yellen advocated for substantial fiscal stimulus to assist workers and businesses affected by the COVID pandemic. She encouraged Congress to “act big” and said that the U.S. faces a deeper, more painful recession unless more aid is provided.
President-elect Joe Biden announced a $1.9 trillion stimulus package last week that would provide $1,400 to most families and spending on vaccine distribution. One of the first major challenges for Biden will be to pass this stimulus bill through congress.
This Week
Monday: Martin Luther King Day
Tuesday: The Senate confirmation hearing of Janet Yellen as Treasury secretary begins; Earnings expected from Bank of America, Goldman Sachs, and Netflix
Wednesday: Joe Biden takes office as U.S. president; Earnings expected from Morgan Stanley, United Airlines, and Procter and Gamble
Thursday: Weekly jobless claims. Earnings expected from IBM and Intel
Friday: Earnings expected from Ally Financial