U.S. stocks started the week on an upswing after another drug company posted positive clinical trial results for a COVID-19 vaccine and reports surfaced that President-Elect Joe Biden plans to nominate former Federal Reserve Chairman Janet Yellen to be the next Treasury secretary.
President Joe Biden said on Tuesday he agreed with a proposal by Democratic lawmakers that would limit or phase out stimulus payments to higher-income individuals as part of his $1.9 trillion coronavirus relief bill. Gavino Garay reports.
Treasury Secretary Janet Yellen tells CNN’s Jake Tapper that President Joe Biden is willing to work with Congress on the upper income limit for direct payments to Americans in the latest stimulus package.
[NFA] U.S. Treasury Secretary Janet Yellen said on Sunday that American workers who earn $60,000 per year should receive stimulus checks as part of the White House's proposed $1.9 trillion coronavirus relief package. Gavino Garay has more.
Mexico's president is expected to ask U.S. President Joe Biden to consider having America share its vaccines with its southern neighbor at a virtual summit on Monday, U.S. and Mexican officials said. This report produced by Chris Dignam.
Janet Yellen was sworn in as the first woman to lead the U.S. Treasury on Tuesday, setting her quickly to work with Congress on coronavirus relief, reviewing U.S. sanctions policy and strengthening financial regulation.
Equity benchmark indices edged higher during early hours on Thursday on the back of favourable global cues amid optimism over economic recovery and the government's privatisation plans. At 10:15 am, the BSE SandP Sensex was up by 414 points or 0.82 per cent at 51,196 while the Nifty 50 ticked up by 142 points or 0.9 per cent to 15,124. Among stocks, Hindalco was up by 4.7 per cent to Rs 348.55 per share while Tata Steel advanced by 2.4 per cent to Rs 745.50 and JSW Steel by 2.2 per cent to Rs 416.80. Axis Bank was up by 3.5 per cent, IndusInd Bank by 3.4 per cent, Tata Consultancy Services by 2.7 per cent and Dr Reddy's by 2.4 per cent. However, FMCG stocks did not fare well with Nestle India down by 1 per cent. Hindustan Unilever, Britannia, Titan, Eicher Motors and Mahindra and Mahindra were also in the negative zone. Meanwhile, Asian stocks jumped after US Federal Reserve Chair Jerome Powell reaffirmed interest rates will stay low for a long time. That calmed market fears that higher inflation may prompt the central bank to tighten the monetary spigot. MSCI's ex-Japan Asia Pacific shares index rose by 1 per cent while Japan's Nikkei gained by 1.6 per cent.
U.S. stocks suffered their biggest one-day percentage drop in three months on Wednesday, adding to losses after the latest Fed statement as major indexes were also pressured by a slump in Boeing and a selling of long positions by hedge funds. Fred Katayama reports.
Discovery CEO David Zaslav talks about his strategy for Discovery+ in a crowded streaming market. Plus, JPM Chief Global Strategist David Kelly on what to expect from the Federal Reserve and how investors should prepare for the longer-term risk of an overheating economy.
The number of Americans filing first-time applications for unemployment benefits surged last week, confirming a weakening in labor market conditions as a worsening COVID-19 pandemic disrupts operations at restaurants and other businesses. Fred Katayama reports.