Wall Street stabilizes at record highs after Biden inauguration

par Echo Wang

(Reuters) – The New York Stock Exchange ended small on Thursday, stabilizing at record levels with the optimism sparked in the markets by the assumption of office of Joe Biden as President of the United States.

The Dow Jones index fell 12.37 points (-0.04%) to 31,176.01, not far from its record the day before.

The larger S & P-500 nibbled 1.22 points, or 0.03%, enough to post a closing record of 3,853.07.

The Nasdaq Composite for its part advanced by 73.67 points (0.55%) to 13,530.92 points, also to a historic high at the close.

Investors continue to bank on the beneficial impact of fiscal stimulus measures and the acceleration of vaccination campaigns promised by the administration of the new President of the United States to support the economy.

Today’s macroeconomic indicators also helped brighten the horizon.

Weekly jobless claims fell slightly more than expected last week, to 900,000 against 926,000 (revised) the previous week, the “Philly Fed” activity index rose to 26.5 after 9.1 in December and housing starts hit their highest level since 2006.

“The markets are hopeful that the Biden administration will continue to tighten fiscal support measures. As interest rates and inflation have not shifted into high gear, this gives investors confidence that he might even do even more, ”said Michael Arone of State Street Global Advisors in Boston.

The Nasdaq has particularly benefited from the dynamism of high-tech heavyweights like Apple (+ 3.67%) or Amazon (+ 1.34%), on the rise before the publication of their quarterly results in the coming weeks.

Intel, which released its results just before the close, jumped 6.5% after predicting first quarter revenue and profit above market expectations as the chip giant continued to profit from the strong demand for computers or servers essential for work or home entertainment in the midst of a health crisis.

On the downside, the airline United Airlines dropped 5.73% after a fourth consecutive quarterly loss against the backdrop of the coronavirus crisis.

(French version Camille Raynaud, edited by Bertrand Boucey)

Source: Challenges en temps réel : accueil by www.challenges.fr.

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