Stocks Rally After Biden Infrastructure Boost
04/01/21 AT 9:55 AM
Stock markets rose Thursday as investors weighed US President Joe Biden s economy-boosting infrastructure project against renewed Covid lockdowns.
Oil prices rallied with the OPEC+ alliance expected to agree an extension to their current output cuts at a meeting underway.
Shares in Deliveroo steadied one day after the app-driven meals delivery group lost more than a quarter of its value on its stock market launch in London.
Biden said his much-anticipated new package will see a once-in-a-generation investment of more than $2 trillion in transportation, telecoms and energy infrastructure while creating millions of jobs.
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3/4/2021 4:15:00 PM GMT | By Ivan Brian
Update at 11 am EST: Stocks continue to hold the line ahead of testimony later by Fed Chair Jerome Powell. Powell is due to speak at 1205 EST. Powell has been the inflation killer in his last speech and will need to step again to calm market fears. The US 10 Year is holding steady below 1.5% for now helping the Nasdaq to a 0.6% gain while the Dow and S&P are up 0.2%.
Sectoral performance shows Energy again leading the way, up 3%, while Utilities and Consumer Staples are up by 1%. Industrial and Utility sectors are the worst performers down 0.6% and 0.9% respectively.
New vehicle registration figures, in the form of VFACTS, for February 2021 show yet more evidence that the Australian new car market is recovering. The first two months of the year are up 7.9 per cent, and the month itself is up 5.1 per cent compared with February last year.
It has been a doom and gloom past 12 months in the new car market, with the coronavirus pandemic causing various obvious physical restrictions and a variety of production setbacks. However, the latest new vehicle sales figures (actually new vehicle registrations, but we’ll call them sales for brevity) show the market is on the mend.