Major averages maintaining modest profits in daytime trading

Stocks have receded from the highest levels of the session, but remain mostly high in Thursday’s daytime trading. Early on the trading day, the Dow and Nasdaq hit new daytime highs.

Currently, the main average holds a modest profit. The Dow rose 121.76 points (0.4%) to 31,182.23, the Nasdaq rose 55.41 points (0.4%) to 13,184.37, and the S & P 500 rose 6.23 points (0.2%) to 3,816.07.

Optimism about additional fiscal stimulus helped generate early buying motivation, as president-elect Joe Biden is expected to announce a major bailout package later today.

The package price tag is expected to be a $ 2 trillion stadium, according to a CNN report citing two people briefed on the deliberations.

This package is expected to include increased direct payments to Americans, increased unemployment insurance, and extended support for state and local governments.

Wall Street’s strength continues with the release of a report from the Ministry of Labor showing that the first unemployment claims jumped to the highest level in more than four months of the week ending January 9.

Initial unemployment claims increased to 965,000, up 181,000 from last week’s revised level of 784,000, according to the report.

Economists expected unemployed claims to reach the originally reported 787,000 to 795,000 last week.

With more than expected growth, unemployed billing reached its highest level since reaching 10.11 million in the week ending August 22nd.

Traders recently disappointed job listings market, Because it could put more pressure on lawmakers to approve additional stimuli.

Sector news

Airline stock prices continue to show significant strength in daytime trading, with the NYSE Arca Airline Index rising 4.6%. The index reached its highest daytime level one month before the session.

Delta Air Lines (DAL) is making strong profits after airlines report wider-than-expected fourth-quarter losses, but CEO Ed Bastian is optimistic that 2021 will be a “year of recovery” doing.

There is also considerable strength among semiconductor stocks, as reflected in the 3% rise in the Philadelphia Semiconductor Index. The index hit a new daytime high.

Energy stocks have also seen a significant rise on the day, despite the price of crude oil delivered in February falling from $ 0.10 a barrel to $ 52.81.

Networking, computer hardware and steel stocks have also shown a marked uptrend in a wide range of buying motivations.

Other markets

In foreign trading, stock markets in the Asia-Pacific region almost rose during Thursday’s trading. Japan’s Nikkei 225 Index rose 0.9% and Australia’s S & P / ASX 200 Index rose 0.4%.

On that day, major European markets also started to rise. The UK’s FTSE 100 index rose 0.8%, while the German DAX index and the French CAC 40 index rose 0.4% and 0.3%, respectively.

In the bond market, government bonds are showing a modest weakness, following the rebound seen in the previous session. As a result, the yield on benchmark 10-year bonds, which move in the opposite direction of price, rises almost by basis points to 1.097%.

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Major averages maintaining modest profits in daytime trading

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