Newly-elected US President-elect Joe Biden's incentive package to boost the economy in the face of the Corona epidemic failed to hold up on Wall Street's trading and index gains at the start of the day on Thursday (January 14th).
According to the country's Department of Labor, the number of unemployment-allowance (US government cash assistance to the unemployed in Corona) applications is much higher than expected last week. That means the labor market is still weak enough. Corona outbreaks are also growing at an unexpected rate in the United States.
Investors were expecting Biden to announce an incentive package of more than 1.5 trillion on Thursday. Citing two people who know the details of Biden's incentive package, the New York Times reported that Joe Biden is going to announce a 1.9 trillion package.
In the first half of the day, the Dow Jones Industrial Average rose 25.2 points to 31,085 and dropped to 30,991 points at the end of the day. In other words, the index decreased by 69 points or 0.22 percent on Thursday. Similarly, the Nasdaq and S&P indices also fell on the day. At the beginning of the transaction, Nasdaq added 45.6 points to 13,174.75 points but ended the day at 13,112.64 points.
The index lost 18.31 points in one day. The S&P index, which ranks the top 500 companies in the market, added 5.1 points in the morning but lost 14.3 points in the afternoon. The index lost 14 points on the day, taking the position at 3,895.54 points.
Considering and analyzing various aspects of Biden's incentive package, how investors will react will be seen in the capital market transaction chart in the coming days. Although in the US presidential election, after the confirmation of Joe Biden's victory, the recovery in the US capital market was much more regular.
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