X

Mortgage & Property

New Insurance Professional

Family Office Bulletin

Mortgage Property

Insurance Professional

Family Office

US open: Stocks in the green ahead of Biden inauguration

(Sharecast News) – Wall Street stocks opened higher on Wednesday ahead of president-elect Joe Biden’s inauguration later in the day.

As of 1530 GMT, the Dow Jones Industrial Average was up 0.68% at 31,140.32, while the S&P 500 was 1.09% firmer at 3,840.27 and the Nasdaq Composite came out the gate 1.76% stronger at 13,430.00.

The Dow opened 209.80 points higher on Wednesday, extending gains recorded on Donald Trump’s last full day in the Oval Office.

Wednesday’s primary focus will be Biden’s inauguration as the 46th president of the United States shortly at 1700 GMT, with his speech set to focus on the need to bring the US together following the violent riot on Capitol Hill earlier in the month.

Market participants will also scour his speech for any further hints on the $1.9trn Covid-19 relief plan unveiled last week, which included calls for direct payments of $1,400 to the majority of Americans and additional unemployment benefits, as well as state and local government aid.

SpreadEx’s Connor Campbell said: “Trump is gone, and the markets are buzzing, letting go of some of their anxieties to climb ahead of Joe Biden’s inauguration.

“Now that the Biden administration is a few hours way from being sworn in, investors seem more willing to look to the future. Most pressingly that includes a coherent effort to tackle coronavirus on both a fiscal and medical level – something wholly absent for a long time – alongside spending on green tech and, potentially, less fraught international relations between the States and the rest of the world.”

Turning to the Covid-19 pandemic, the US has now recorded more than 24.8m cases of the coronavirus, claiming the lives of more than 411,500 Americans in the process.

On the macro front, mortgage applications in the US fell 1.9% in the week ended 15 January, according to the Mortgage Bankers Association. Applications to refinance a home loan dropped 4.7%, but were up 87% year-on-year, while those to purchase a home rose 2.7% and were 15% higher than a year ago.

Elsewhere, homebuilder confidence unexpectedly fell in January, dragged down by rising Covid-19 cases and increased lumber prices. The National Association of Housebuilders/Wells Fargo housing market index slipped to a reading of 83, down from 86 in December, short of expectations for a flat month-on-month reading of 86.

In the corporate space, Procter & Gamble shares rallied before the open after raising forecast as earnings top expectations, while stock in Netflix was also in the green after the streaming giant hit 200.0m subscribers and said it was considering share buybacks.

Bank of New York Mellon said quarterly profits had fallen on lower revenues, while Morgan Stanley posted record profits on the back of blowout trading quarter.

UnitedHealth topped its fourth-quarter guidance and reaffirmed guidance for 2021, while United Airlines will post earnings after the close.

This Week’s Most Read

  • An interview with the pub landlord that barred Sir Keir Starmer

    Footage from today shows Sir Keir Starmer’s entourage man handling Rod Humphris, pub landlord for the Raven of Bath Public house. In this exclusive interview,

  • Sir Keir Starmer in pub brawl?

    Predictions of scuffles in pubs came true today, with a landlord being ejected from his own pub by interlopers. Sir Keir Starmer had been listening

  • Haatch SEIS fund oversubscribed within 2 weeks

    Haatch Ventures quietly launched their first SEIS Fund in March, with a target raise of £1.5m.  This figure was reached within 2 weeks, and the

  • Sir Keir Starmer, pubs and COVID – taking the piss, not taking a piss..

    We thought you weren’t allowed into pubs these days? Incredible scenes erupted today outside the Raven Pub in Bath, as Sir Keir Starmer was confronted

  • Why Government support means there has never been a better time for sustainability start-ups

    When Glasgow hosts the United Nations Climate Change Conference in November, it will be more than two years since the UK signed into law its

  • Staycation Boom Could be Taxing for Landlords

    Furnished holiday lets offer tax breaks, but owners need to tread carefully. Soaring demand for holiday lets as the UK plans for a ‘staycation summer’

  • New financial advice service from Vanguard aimed at retirement savers

    Designed for investors saving for retirement, Vanguard Personal Financial Planning launches on the award-winning Vanguard UK Personal Investor platform – vanguardinvestor.co.uk/financial-advice. The service offers personalised

  • MainStreet Partners: does the ‘S’ in ESG have ‘middle child’ syndrome?

    Long overlooked in favour of its more obvious counterparts, last year saw investors turn a corner and beckon in ‘an era of social impact investing’,

  • Creating a sustainable future – A special supplement in conjunction with M&G | April 2021

    M&G Investments are one of the early adopters of ESG (environmental, social and governance) and impact investing strategies within their funds. In this IFA Magazine

  • The Coming Decade for Climate Solutions

    Randeep Somel, Fund Manager, M&G Climate Solutions Fund, is finding reasons to be cheerful as he uncovers some of the powerful drivers of change which

IFA Magazine

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine