X

Mortgage & Property

New Insurance Professional

Family Office Bulletin

Mortgage Property

Insurance Professional

Family Office

US open: Stocks in the green despite weaker-than-expected jobless numbers

(Sharecast News) – Wall Street stocks opened higher on Thursday as market participants awaited details on president-elect Joe Biden’s planned economic stimulus package and thumbed over this week’s jobless claims data.
As of 1540 GMT, the Dow Jones Industrial Average was 0.35% higher at 31,169.57, while the S&P 500 was 0.23% firmer at 3,818.67 and the Nasdaq Composite started out the session 0.57% stronger at 31,203.47.

The Dow opened 109.10 points higher on Thursday, more than erasing yesterday’s minor loss that cane after the House of Representatives voted to impeach Donald Trump for a second time.

Thursday’s main focus was this week’s worse-than-expected jobless claims report from the Labor Department, which revealed the number of Americans filing for unemployment surged at the start of 2021. In seasonally adjusted terms, initial unemployment claims soared by 181,000 over the week ending on 9 January to reach 965,000. Economists had been expecting a dip from 787,000 to 775,000

In addition to the jobless data, Biden was expected to unveil his stimulus plan later in the day, one that will include a boost to the recent $600 direct payments, an extension of increased unemployment insurance and support for state and local governments in a package rumoured to be as big as $2.0trn.

The benchmark 10-year note yield slipped to 1.09% on Thursday a day after hitting a high of 1.18%.

Also in focus, trial data from yesterday revealed that Johnson & Johnson’s one-dose Covid-19 vaccine was both safe and capable of generating a beneficial immune response.

On the macro front, the cost of goods purchases overseas rose at nearly twice the expected pace at the end of 2020, driven by higher fuel prices. According to the Department of Labor, the US import price index increased at a 0.9% month-on-month pace, pushing the year-on-year rate of decline up to -0.3%.

Economists had forecast a 0.5% rise versus November and an annual rate of fall of -0.8%.

Elsewhere, the Federal Reserve’s Jerome Powell, Raphael Bostic and Robert Kaplan will all deliver comments throughout the course of the day.

In the corporate space, Delta Air Lines said it halved its cash burn and narrowed its fourth-quarter losses amid the ongoing Covid-19 pandemic, while BlackRock said assets surged to a record $8.6trn.

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