U.S. Indices Remained Hesitant Before Biden’s Plan

SBUX Stock
SBUX Stock

In the face of political turmoil ahead of a congressional vote on Donald Trump’s impeachment, the New York Stock Exchange ended on a mixed note Wednesday. On Thursday, President-elect Joe Biden is patiently waiting to reveal his proposal to support the coronavirus outbreak that continues to plague the United States, with a total of more than 4,000 deaths reached on Tuesday in 24 hours. Although markets are not worried about Washington’s political vagaries, they are also monitoring the situation that might lead to more violence ahead of the January 20 Joe Biden swearing-in.

At the close, at 31,060 points, the Dow Jones index finished nearly flat (-0.03%), while the large S&P 500 index advanced 0.23% to 3,809 points, and the Nasdaq Composite Index, heavy in electronics and biotech securities, rose 0.43% to 13,128 points.

Since taking profits in recent days, technology stocks have regained ground. After the confirmation of a shift in chief executive, which was applauded by Wall Street, Intel soared 6.9 percent. Apple (up 1.6%), Microsoft (up 0.66%), Salesforce (up 1.2%) and Amazon (up 1.4%) have all recovered power. After their recent gains, cyclical stocks have been the target of profit-taking. After tough sessions linked to the role of their social networks in the aggression that shook the U.S. Congress on 6 January, Twitter recovered 0.38% and Facebook picked up a tiny 0.22%.

Markets have been watching Donald Trump’s impeachment process in Congress: soon after the closing, on January 6, the House of Representatives passed a bill impeaching the outgoing president for encouraging his followers to cause protests on Capitol Hill. In the Senate, where a two-thirds majority is needed, the bill also has to be approved, which could be challenging, while some Republican senators have stated that they would vote for impeachment. Investors, having turned the page on Trump already, are not passionate about this debate. But, according to media sources, they hope that the process against the outgoing president will not delay Legislative work to approve the fresh stimulus package that Joe Biden is scheduled to introduce on Thursday, which is expected to be close to $3,000 billion.


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