Stock Markets Respond Positively on Biden's First Day in Office | The State
Wall Street responded optimistically.
Photo:
ANGELA WEISS / AFP / Getty Images
The US stock markets responded positively to the installation of the new government.
He Down jones reached a gain of 200 points by the time Joe Biden was sworn in as the 46th president of the United States, while the S&P 500 had an increase of 51 points and the Nasdaq grew by 259 points, the latter with the help of good numbers from Netflix.
He optimism on Wall Street it is explained with the possibility that Congress will approve the Biden stimulus plan in the next few days. The new relief includes more money to contain the coronavirus pandemic and checks for $ 1,400 for taxpayers.
Biden’s package is $ 1.9 trillions. Janet Yellen, who will be in charge of the Treasury, called on lawmakers for immediate action to prevent further blows to the US economy.
“Neither the president-elect nor I proposed this relief package without thinking about the country’s debt burden,” Yellen said during his confirmation hearing. “But right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I think the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a long time. “
The stock markets had a dramatic fall in the first months of the pandemic but their recovery was rapid once the first stimuli were approved. However, the job market has slowly recovered and millions of Americans are struggling to keep their homes. Thousands of small businesses have closed their doors.
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