Joe Biden Unveiled A Draft Recovery Plan

Joe Biden unveiled Thursday evening a draft recovery plan of 1.900 billion dollars (1.562 billion euros) including in particular aid of 1.400 dollars to Americans and the increase and extension of unemployment benefit to compensate for the economic damage of the health crisis.

But some investors fear that the future administration will have to finance these new expenses through tax hikes.

Other pullback factors, retail sales fell again in December, 0.7% as Reuters consensus gave them unchanged, and manufacturing activity in the New York area fell in January to its lowest level since June.

Also note, the decline of Exxon Mobil (-3.63%) after information from the Wall Street Journal that the SEC, the financial markets authority in the United States, opened an investigation following a complaint from an employee denouncing the overvaluation made by the oil company of one of its most important oil and gas assets.

The New York Stock Exchange fell early Friday after the presentation of Joe Biden’s stimulus plan and the kickoff of fourth quarter corporate results by major US banks.

After a few minutes of trading, the Dow Jones lost 122.98 points, or 0.4%, to 30,868.54 points and the Standard & Poor’s 500, larger, fell 0.25% to 3,785.92 points.

The Nasdaq Composite yielded 0.1% to 13,099.45 points at the opening.

J.P. Morgan, Citigroup and Wells Fargo lose 0.71% to 5.82% despite posting better than expected fourth quarter earnings.

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