US Stocks Gain On Inaugration-eve, Yellen Call For Stimulus
Muhammad Irfan Published January 20, 2021 | 08:30 AM
New York, (UrduPoint / Pakistan Point News - 20th Jan, 2021 ) :Wall Street stocks won solid gains Tuesday as markets anticipated the presidential inauguration of Joe Biden while Biden's Treasury secretary nominee reiterated a call for aggressive stimulus spending.
Janet Yellen, the former Federal Reserve Chair nominated to lead economic policy, during her Senate confirmation hearing called for Washington to "act big" to support the coronavirus-ravaged US economy.
The Dow Jones Industrial Average gained 0.4 percent to finish at 30,930.52.
The broad-based S&P 500 rose 0.8 percent to end at 3,798.91, while the tech-rich Nasdaq Composite Index jumped 1.5 percent to 13,197.18.
Stephen Innes, chief global market strategist at Axi, said the uptick reflects "the market giving the Biden policy agenda an early stamp of approval" a day before his administration takes office.
Among individual companies, General Motors shot up 9.8 percent after announcing an alliance with microsoft on its Cruise autonomous driving venture. Microsoft gained 1.8 percent.
Boeing won 3.1 percent as the European Union Aviation Safety Agency said it would clear the company's 737 MAX plane to resume flights next week, 22 months after the jet was grounded following two fatal crashes.
Following the completion of the merger of French automaker PSA with Italian giant Fiat Chrysler, shares in the new company, Stellantis, surged 10.8 percent in their debut on the New York Stock Exchange.
Related Topics
Recent Stories
Mirpur Police arrest 68 suspects of food outlet attack
Ecuador mayor killed ahead of anti-crime referendum: police
Flooding on Chitral-Peshawar Highway strands travelers
Bilawal Bhutto demands govt to hold tripartite dialogue to curb terrorism
Punjab ombudsman facilitates over 1.36 crore payment to victims
Croatia top court bars president from becoming next PM
Leghari seeks KP Govt’s cooperation in anti-power theft campaign
Sehwan Development Authority's staff protests against non-payment of salaries
DIG directs SSPs to take unrelenting action against organized crimes
Govt committed to provide relief to poor people: Khawaja Asif
Pakistan aims to agree outline of new IMF loan in May - Finance Minister
Pakistan's indigenous products can enter global market: Experts
More Stories From Miscellaneous
-
Transforming education sector: from job hunters to job creators
12 hours ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
4 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
5 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
5 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
8 days ago -
Radio Bahawalpur to broadcast Eid programs
11 days ago
-
DC, DPO Haripur inspect bus terminals to review fares compliance
12 days ago -
Second phase of refugees’ repatriation to start after Eidul Fitr vacations
13 days ago -
Reaping bounties as Ramazan culminates
13 days ago -
Digital transformation – a boon or bane
13 days ago -
Plants’ business: Another casualty of climate change
15 days ago -
Eid shoppers prioritize children’s joy over personal comforts
15 days ago