By Ann Saphir (Reuters) - U.S. President-elect Joe Biden's proposal to pour $1.9 trillion into a hobbled economy could lay the foundation for a surge .
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(Reuters) - U.S. President-elect Joe Biden’s proposal to pour $1.9 trillion into a hobbled economy could lay the foundation for a surge in jobs and spending that many economists say is needed to avoid long-term damage from a record-breaking pandemic recession.
Analysts had already begun marking up their forecasts for economic growth this year after last week’s elections in Georgia delivered control of both houses of Congress to Democrats.
Many, though, had penciled in smaller packages, more along the lines of the $892 billion stimulus passed in December.
Spending big on vaccine rollout, testing, and to shore up state and local governments on the frontlines of those efforts could help bring a swifter end to the country’s healthcare crisis, which remains at the root of the economic crisis.
Spending big on vaccine rollout, testing, and to shore up state and local governments on the frontlines of those efforts could help bring a swifter end to the country s healthcare crisis, which remains at the root of the economic crisis.
Stocks Rise; Dollar Weakens Versus Majors Peers: Markets Wrap
Bloomberg 1/12/2021 Claire Ballentine and Kamaron Leach
(Bloomberg) U.S. stocks edged higher and benchmark Treasury note yields lingered at 10-month highs as investors mulled the prospects of the economic recovery and vaccine rollout.
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The S&P 500 closed in the green after fluctuating between gains and losses most of the trading session, with the energy, materials and consumer discretionary sectors leading gainers. The Dow Jones Industrial and Nasdaq Composite rose more than the benchmark index. Crude oil approached a 11-month high as the dollar weakened following a three-day rally. Corn futures surged by the exchange limit to the highest level for a most-active contract since May 2014.