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After major advances were reported in the US bailout case, the Dow Jones Industrial Average rose more than a hundred points or 0.5% in early trading on Thursday (17). The S&P 500 and the Nasdaq were up 0.5% and 0.6%, respectively. The index rose to an all-time high and rates also increased 0.6%.
After months of negotiations, good news emerged from the US bailout negotiations. Top congressional leaders said on Wednesday (16) that they were close to reaching a US $ 900 billion bailout plan deal, and expected be approved by Friday.
Senate Majority Leader Mitch McConnell said significant progress has been made on the specific bailout plan, which is expected to pass smoothly in Congress. Minority leader Chuck Schumer also said he is close to reaching a deal, but the Democratic Party still hopes Biden can pass more relief measures after taking office.
The details of the rescue case have yet to be negotiated. Currently, the general content includes giving the public a subsidy of $ 600 per person, a federal unemployment allowance of $ 300 per week, and providing financial assistance to SMEs.
Looking at the economic data, the number of people receiving unemployment benefits in the United States increased for two consecutive weeks early last week, reaching almost 890,000. People are concerned that the number of confirmed cases remains high, which can continue to make it difficult to hire companies.
The Federal Reserve Committee (Fed) promised on Wednesday that it will continue to maintain a flexible monetary policy and continue to support the US economy with all the tools before the employment and inflation targets set by the central bank advance.
At 22 o’clock on Thursday (17) Taipei time:
- The Dow Jones Index was up 143.80 points, or 0.48%, to 30,298.34 points temporarily.
- Nasdaq rose 70.52 points, or 0.56%, to 12,728.71 points temporarily
- The S&P 500 Index rose 18.64 points or 0.50%, temporarily to 3.79.81 points
- Commissions and media rose 15.69 points or 0.57%, temporarily to 2789.11 points
- TSMC ADR fell 0.19% to $ 104.58 per share
- Yield on 10-year US Treasuries fell to 0.895%
- New York light crude oil rose 1.02% to $ 48.31 a barrel
- Brent crude rose 0.76% to $ 51.47 a barrel
- Gold rose 1.78% to $ 1,892.10 an ounce
- The dollar index fell 0.69% to 89,740 points
Focus actions:
Roku (ROKU-US) was up 5.56% in early trading to $ 343.92.
Roku, the largest manufacturer of broadcast TV set-top boxes in the United States, has reached an agreement with AT&T to begin streaming HBO Max video content as of Thursday (17). This cooperation will help HBO Max reach millions of Roku set-top boxes.
Alphabet (GOOGL-US) was up 0.33% in early trading to $ 1,762.94.
Ten states, led by Texas, filed a lawsuit in court on Wednesday (16), accusing Google and Facebook of conspiring to manipulate ad market prices and charge advertisers and publishers high fees as market intermediaries.
Daily key economic data:
- The United States last week (12/12) reported 885,000 unemployment benefits for the first time, and an expected 725,000. The previous value rose from 853,000 to 862,000.
- The United States last week (December 5) reported 5.508 million renewed unemployment benefits, the previous value increased from 5.757 million to 5.781 million
- The annualized monthly growth rate of new homes started in the United States in November is reported to be 1.2%, which is expected to be -0.2%, and the old value rises from 4.9% to 6.3%.
- The total of new homes started in the United States in November was 1,547 million and 1,528 million are expected, the previous value decreased from 1.53 million to 1,528 million.
- The monthly growth rate of US building permits in November reported 6.2%, 1.0% expected, previous value-0.1%
- The total amount of construction permits in the United States in November reported 1,639 million, which is expected to be 1.56 million, and the previous value was 1,545 million.
- Philadelphia Fed December Manufacturing Index reported 11.1, expected 20, previous value 26.3
Wall Street Analysis:
Mary Nicola, investment manager at PineBridge Investments, said congressional approval of stimulus measures is key. For now, any stimulus is good and can bring further momentum to the economic recovery.
Mike O’Rourke, market strategist at JonesTrading, said: “We have been waiting for this stimulus for several months. However, the Fed also buys almost $ 1.5 trillion in assets each year, and promises to keep interest rates at zero. for the next three years., This is a source of optimism. “
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