{"id":104180,"date":"2021-01-07T02:46:17","date_gmt":"2021-01-07T02:46:17","guid":{"rendered":"https:\/\/fin2me.com\/?p=104180"},"modified":"2021-01-07T02:46:17","modified_gmt":"2021-01-07T02:46:17","slug":"stocks-higher-as-washington-chaos-fails-to-dislodge-recovery-bets","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/stocks-higher-as-washington-chaos-fails-to-dislodge-recovery-bets\/","title":{"rendered":"Stocks higher as Washington chaos fails to dislodge recovery bets"},"content":{"rendered":"

NEW YORK (Reuters) – Asian stocks perked up on Thursday as investors remained confident that violence in Washington would not disrupt a legitimate transition to a new presidency or derail political support for a U.S. economic recovery.<\/p>

FILE PHOTO: A man wearing a facial mask, following the coronavirus disease (COVID-19) outbreak, stands in front of an electric board showing Nikkei (top in C) and other countries stock index outside a brokerage at a business district in Tokyo, Japan, January 4, 2021. REUTERS\/Kim Kyung-Hoon<\/figcaption>

Wall Street had given up early gains on Wednesday after supporters of President Donald Trump stormed the legislative building, disrupting the congressional vote to certify the 2020 presidential election results.<\/p>\n

However, investors remained defiantly bullish in early Asian trade with S&P 500 futures up 0.3%, Japan\u2019s Nikkei 225 rising 1.24% and the S&P\/ASX 200 1.25% higher.<\/p>\n

Supporting sentiment were Democratic wins in two closely watched U.S. Senate runoff elections in the state of Georgia on Wednesday, which swung the balance of power in President elect Joe Biden\u2019s favor. Despite earlier worries about the economic risks of a \u201cblue sweep\u201d, expectations for a large fiscal stimulus package in early 2021 are now pushing markets higher.<\/p>\n

Markets analysts also felt that cooler heads will ultimately prevail despite the ongoing unrest in Washington.<\/p>\n

\u201cThe mob has interrupted the process of Biden\u2019s confirmation, but the mob will not overturn the process,\u201d Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo said. \u201cThe market is optimistic that Biden\u2019s victory will not be overturned,\u201d he said, noting that investors are positioning for a U.S. economic recovery.<\/p>\n

World leaders quickly chimed in to condemn the riots, but also affirmed their trust in U.S. institutions.<\/p>\n

On Wednesday, the Dow Jones Industrial Average rose 1.44% and the S&P 500 gained 0.57%, although the Nasdaq Composite ended 0.61% lower amid concerns that a Democratic-controlled U.S. government would take aim at big tech companies.<\/p>\n

\u201cEven though we are bearing witness to the markets\u2019 keen knack of ironing itself out quickly, the most important question now is the sequencing of the Biden policy plan,\u201d Axi Chief Global Market Strategist Stephen Innes wrote in a note.<\/p>\n

\u201cHopefully, for investors\u2019 concerns, it\u2019s in order of stimulus, infrastructure, and tax changes.<\/p>\n

\u201cWhile Biden could theoretically get the ball rolling and undo many of the Trump tax cuts for corporations and wealthy individuals on Day One, I cannot imagine that tax hikes are the priority number one when the current mandate is to rid the U.S. of the virus and get the economy roaring again.\u201d<\/p>\n

MSCI\u2019s gauge of stocks across the globe also gained 0.45%, but emerging market stocks finished 0.35% lower as World Bank Group President David Malpass warned many poorer countries are headed towards default if their debt burdens aren\u2019t adjusted.<\/p>\n

Bond yields jumped in anticipation of a larger stimulus package. Benchmark 10-year notes last fell 24\/32 in price to yield 1.0355%, from 0.955% late on Tuesday.<\/p>\n

The dollar index inched 0.086% lower after sinking to its lowest level in nearly three years, with the euro up 0.27% to $1.2327.<\/p>\n

Oil prices were higher, following Saudi Arabia\u2019s decision to voluntarily cut production and on a drop in U.S. crude inventories. Brent crude settled up 1.3%, at $54.30 a barrel, while U.S. crude futures settled 1.4% higher at $50.63.<\/p>\n

Spot gold dropped 1.6% to $1,918.06 an ounce.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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