11:22 AM MYT
HONG KONG (AFP): Asian investors pushed markets higher again Wednesday (Jan 20) as they await the swearing-in of Joe Biden, while they have taken heart from comments by Treasury nominee Janet Yellen as she looks to push through the new president s stimulus proposals.
The long-running battle on trading floors between long-term recovery hopes and concerns about the immediate virus crisis was being won by the more optimistic outlook, though the disease continues to cast a menacing shadow as several governments keep lockdowns in place.
While all eyes are on Biden s inauguration, Yellen took centre stage Tuesday as she was grilled by senators for her Treasury secretary confirmation hearing.
Asian stocks looked set for a muted start Wednesday after their U.S. peers rebounded from Friday’s selloff as traders parsed the latest earnings reports. The dollar retreated.
Futures Jump Ahead Of Yellen Hearing, Hong Kong Stocks Soar zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
Tech Stocks Rise With Small Caps; Treasuries Slip: Markets Wrap
Bloomberg 1/19/2021 Anchalee Worrachate and Cormac Mullen
(Bloomberg) U.S. stocks rose, led by gains in tech shares and small caps, with Wall Street parsing the latest earnings ahead of a flood of reports this week.
The S&P 500 Index rebounded from Friday’s selloff after a three-day weekend that brought little by means of fresh macro news. Ten-year Treasury yields climbed back toward 1.1% and the dollar weakened. Crude oil and emerging markets also advanced. Goldman Sachs Group Inc. turned lower even after reporting that profit more than doubled. Bank of America Corp. shares edged higher after its results. General Motors Co. rose to a record after Microsoft Corp. invested in its self-driving car startup. Netflix Inc. reports results after markets close.