Wall Street Opens Higher, Eyeing Biden; Jobless Data Ignored; Dow up 73 Pts By Investing.com

© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened higher on Thursday in anticipation of President-elect Joe Biden’s stimulus plans, shrugging off fresh evidence of damage to the labor market from the pandemic.

By 9:35 AM ET (1435 GMT), the was up 108 points, or 0.4%, at 31,168 points. The was up 0.2% while the was up 0.4%.

Biden is due later to present details of a stimulus plan that he has previously said will run to “trillions of dollars.” The prospect of higher federal borrowing this year has raised questions as to whether the Federal Reserve’s monetary stimulus will be enough to absorb all that extra issuance. Fed Chairman Jerome Powell may touch on the relationship between fiscal and monetary policy in a speech at 12:30 PM ET. 

That the economy is in need of further support is not in question. Labor Department data released earlier showed that 965,000 Americans filed for jobless benefits, the highest weekly number since August and well above the 795,000 expected.

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