Earnings at the Wall after Biden’s decision to renew Powell’s term

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The main indicators of Wall Street are moving upwards after the decision of the American president Joe Biden to renew the term of the head of the Federal Reserve, Jerome Powell.

The indices closed with mixed signs on Friday, with the S&P 500 and the industrial Dow falling and the technological Nasdaq gaining ground, closing at a new all-time high.

The market starts the week in a festive atmosphere in view of the holiday on Thursday for Thanksgiving, while on Friday the meeting will be smaller, due to Black Friday.

Investors are optimistic about the turnover during the holidays, with the National Trade Union forecasting sales growth in November and December by 8.5% and 10% this year to about $ 850 billion.

Indicators – Statistics

On the board, the industrial Dow Jones gained 267.80 points or 0.75% to 35,869.78 points, while the broader S&P 500 adds 36.73 points or 0.8% to 4,737.60 points. The technology Nasdaq gains 110.93 points or 0.69% at 15,168.37 points.

Of the 30 stocks that make up the Dow Jones industrial average, 25 are moving with a positive sign and five with a negative. The biggest gains were made by Apple with gains of $ 4.20 or 2.63% at $ 164.75, followed by Dow at $ 58.66 with an increase of 2.30% and Goldman Sachs Group at $ 395.44 with gains of 2.08%.

The biggest losses were recorded by Amgen (-1.89%), Boeing (-1.18%) and American Express (-0.39%).

Meanwhile, the decision of the American president to nominate the current president of the Federal Reserve, Jerome Powell, for a second four-year term, attracted the attention of investors today.

Lael Brainard, member of the Board of the Fed, which was the other contender for the upper house of the central bank, is nominated for vice president of the central bank.

“While much remains to be done, we have made significant progress over the last 10 months in bringing Americans back to work and restarting the economy,” Biden said in a written statement to the press. “This success is a testament to the soundness of the financial agenda that I have pursued and the decisive action taken by the Federal Reserve,” he added.

At the macro level of the day, the US economy regained its momentum in October, following the sluggish growth of recent months, according to data from the Federal Reserve Bank of Chicago.

In particular, the Chicago Fed’s national activity index rose to 0.76 points last month from -0.18 points that fell in September, surpassing the converging estimates of economists in a FactSet poll that expected an increase to 0.17 points.

The Chicago Central Bank Index is made up of 85 economic indicators from almost all business categories, which fall into four broad categories: output and income, employment, unemployment and hours worked, personal consumption and housing, and sales, orders and inventories. A positive indicator of the indicator shows growth above the historical trend, while a negative measurement corresponds to growth below the trend.

Meanwhile, the rapid rise in cases in Europe and the return of containment measures have strained the climate, bringing concerns about the resilience of the global recovery back to the forefront.


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