Wall St. ascends as Biden's Treasury Secretary nominee Yellen backs more stimulus

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Wall St. ascends as Biden's Treasury Secretary nominee Yellen backs more stimulus

On Tuesday, all three key indices of Wall Street had closed out the day in a cerulean complexion, eking out robust gains on optimisms that a Biden Administration, scheduled to take over the Oval Office on Wednesday, would unleash a large-scale pandemic stimulus, while as the US Treasury Secretary nominee Janet Yellen’s backing on a lofty relief package in a bid to see through the pandemic outbreak, added to further bullish wind.

In point of fact, a number of key fundamentals had fathomed up the gains in the day’s Wall Street, while President-elect Joe Biden’s proposal of a trillion-dollar stimulus bill had bolstered hopes that the US economy might witness an earlier-than-anticipated rollout of another stimulus package.

Aside from that, while strong quarterly earnings’ report from major US lenders likes of Bank of America and Goldman Sachs had underscored the strength of a pandemic-battered US economy, Wall Street’s main indices winded down the session closer to their record highs reached earlier this month.

On top of that, a barrage of catastrophic US fiscal data released last week, had solidified investors’ view that a Democrat-led US Senate would more likely to pass the proposed $1.9 trillion in fresh stimulus bill.

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Citing statistics, in the day’s Wall Street closing bell, the trade-sensitive Dow rose 0.38 per cent to 30,930.52 and benchmark S&P 500, accountable for roughly 45 per cent of entire trading activities in the Wall Street, rocketed 0.81 per cent to 3,798.91, while the tech-heavy Nasdaq jumped 1.53 per cent to 13,197.18, leading the charges in the day’s Wall Street rally.

Meanwhile, addressing to investors’ confidence on a Biden Administration in context of an uncertain global fiscal landscape, a senior portfolio manager at Globalt Investments in Atlanta, Thomas Martin said, “Today it’s really all about Janet Yellen, and the push that she is taking for stimulus. A focus on stimulus sets an underpinning for the markets to continue to move higher”.