. EbeneMagazine – RU – US stocks rise thanks to Trump and Biden. ru



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November 25 – Dow Jones. U.S. stocks rallied on Tuesday, with the Dow Jones Industrial Average topping 30,000 for the first time as President Donald Trump said his advisers would facilitate the transition of power to President-elect Joe Biden. Trump has authorized the transfer of power to Biden

Investors are now less concerned about the prolonged period of uncertainty surrounding the presidential election results, which gives additional impetus to the current rally driven by promising results from the coronavirus vaccine trial.

DJIA closed the session up 454.97 points, or 1.5%, to 30,046.24 points, already its ninth record closing level in 2020. The index is up 62% from March lows, showing a gain of 5.3% YTD.

« Market participants express confidence in (economic) recovery by mid-2021, » said Sean Snyder, Head of Investment Strategy at Citi Personal Wealth Management. The recovery will support indices such as the DJIA and Russell 2000, which include more cyclical stocks, depending on the economic situation, he added..

Investors were pleased with signs that the protracted struggle for control of the White House is coming to an end, which means that political risks will be lower in winter. General Services Administration (GSA) Chief Executive Emily Murphy said Monday that her agency will provide Biden with federal services resources to ensure a smooth transition of power.. Trump said he instructed his advisers to facilitate this process.

« Very favorable developments: now the transfer of power can finally be done properly, » said Luc Philip, Director of Private Banking Investment at SYZ Private Banking. « A number of uncertainties that have dominated the market over the past two to three weeks will disappear. ».

Such a strong rally from March lows surprises even seasoned traders. If the S&P 500 ends the year with a gain, it will be the first time the broad market index has risen by the end of the year, during which it fell 30%, said Ryan Detrick, chief market strategist at LPL Financial.. According to him, in April no one could even think about the possibility of such a development of events..

Nevertheless, the expert warns that one should not be too hopeful, especially considering the eagerness with which investors buy risky assets. A slowdown in market growth or a pullback from current levels would be perfectly normal scenarios in this situation, he adds..

On the eve of the market sentiment also improved after The Wall Street Journal reported that Biden plans to appoint Janet Yellen, the former head of the Federal Reserve, as Treasury Secretary.. Yellen recently said that if Congress does not commit more funds to fight unemployment and support small businesses, the recovery will be uneven and sluggish..

One of Yellen’s early decisions may be to renew a number of lending support measures that the Fed and Treasury Department introduced this spring.. Steven Mnuchin decided last week that he will stop buying loans or assets at the end of the year. He refused to extend the programs called for by the Fed.

« She made it clear that she intends to minimize the downside risks for the economy, » said Eric Bartalon, director of global capital markets analysis at Allianz. “This is good news from a market perspective.”.

True, there is an alarming signal: consumer confidence in the United States, according to the Conference Board report, declined in November for the second month in a row. Data reflects recent increases in incidence and restrictive measures introduced by several states to contain the spread of the virus.

Pan-European Stoxx Europe 600 climbs 0.9%. Travel stocks in Europe rose on Tuesday after the UK government said it would allow travelers arriving in the country from December 15 to spend fewer days in quarantine in the event of a negative Covid-19 test..

In the US, travel stocks also posted gains, with American Airlines Group, United Airlines Holdings, Southwest Airlines and Alaska Air Group gaining over 3%.

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Dow Jones Industrial Average, Donald Trump, Stock market index, Stock market

EbeneMagazine – RU – US stocks rise thanks to Trump and Biden

Ref: https://1prime.ru


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