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Wall Street moves slightly with hangover from all-time highs

All after the all-time highs reached yesterday by the indices and with investors ignoring the attack on the Capitol last Wednesday, which has resulted in four deaths, dozens injured and with the request, by the Democrats, of the removal of Trump for encouraging the assault.

Shortly before the closing, Donald Trump said that he will promote that next January 20 – when Biden is named US president – there is an “orderly transition” despite showing his disagreement with the electoral result.

Yesterday the indices closed sharply higher. He NASDAQ 100 it rose 2.6% and closed above 13,000 points for the first time in history. He Dow Jones It rose 0.7% while the S&P 500 closed 1.5% higher.

A rise that occurs with investors discounting a greater fiscal stimulus that could favor “energy and cyclical companies, including financial, industrial and even consumer discretionary,” said Tom Lee of Fundstrat in statements to the CNBC.

For his part, Gary Schlossberg, global strategist at Wells Fargo Investment Institute, notes that recent market movements could be bolstered by corporate earnings growth this year. “We think some of the optimism will be manifested to some extent by better earnings growth, and perhaps the market is also appreciating some of this lately, giving stocks a little more of an advantage,” he says.

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The US economy destroyed 140,000 jobs in December as a consequence mainly of the impact of the measures implemented to stop the spread of the second wave of COVID-19 infections, although the country’s unemployment rate remained stable at 6 7%, according to data published this Friday by the labor statistics office of the US Department of Labor.

In December, both the unemployment rate (6.7%) and the number of registered unemployed (10.7 million) were well below the maximums recorded in April 2020, when the unemployment rate reached 14.8% and the number of unemployed soared to 23.1 million. However, both references remain substantially above pre-crisis levels, when in February 2020 the unemployment rate was 3.5% and the number of unemployed reached 5.7 million.

From the US Federal Reserve yesterday they pointed out that the economic recovery in the US will be uneven with very different results in all sectors while estimating a slowdown in GDP in the first quarter, according to Patrick Harker.

For his part, James Bullard of the St. Louis FED stated that Vaccines mean that the crisis will disappear in the coming months and estimates that the economy will recover in the first half of 2021, alluding to an exceptionally effective fiscal policy ”designed for a greater shock. Of course, these statements came on a day when the US confirmed that it had exceeded 4000 deaths for the first time.

In the foreign exchange market, the dollar is trading this Friday at levels not seen since 2018 against other currencies at the awaiting employment data in the US that may provide clues on the extension of the fiscal stimulus needed to boost an economy hit by the coronavirus.

Democrats’ victories in the federal Senate elections give President-elect Joe Biden room to approve higher spending, which analysts project will boost appetite for risky assets and be negative for bonds and the dollar. At this time, however, the euro yields slightly to $ 1.2248.

In the commodities market, a barrel of Brent rises 1.52% to $ 55.30, while the US West Texas is revalued by 1.53% to $ 51.65.

Saudi Arabia has decided to cut a million barrels of oil to compensate for the increase in Russia and Kazakhstan. Crude investors will be on the lookout for possible moves by the Biden Administration. “The beginning of the year is creating movements in the oil market due to the last meeting of OPEC and its allies, since the excess supply originated in the last part of 2020 and the sharp decrease due to the increase in infections, put the producers in check, “says IG analyst Diego Morín.

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