Dow plunges 200 points in response; Congress supports fast stimulus

The Dow hit more than 200 points today after Congress approved fast-track approval of President Joe Biden’s $ 1.9 trillion stimulus package.

Investors also keep an eye on the operating results of listed companies. Of the 286 companies in the S&P 500 that completed its 4Q20 earnings report, 83.6% reported higher-than-expected revenue and profit figures.

As of 10:05 p.m. Thai time, the Dow Jones Industrial Average was 31,356.99 points, plus 208.75 points or 0.67%.

The Dow jumped 3.9% last week. Which is the biggest soaring weekly since Nov. 2020 And set the record for the longest uptrend since August last year

Democrats succeeded in pushing Congress to approve the fast track approval of President Joe Biden’s $ 1.9 trillion economic stimulus package. Called budget reconciliation This will pave the way for the House of Representatives and the Senate to recognize the budget with half a vote. Instead of using two thirds of the votes for passing the general law

Last Friday The US House of Representatives has approved budget reconciliation budgeting guidelines. It was voted 219-209 while the Senate endorsed it with 51-50 votes by US Vice President Kamala Harris. One casting vote as President of the Senate by office. After Democrats and Republicans equalized 50-50 votes.

The House of Representatives and the US Senate approved such budgeting guidelines. It will help pave the way for President Biden’s $ 1.9 trillion stimulus package to pass Congress without the need for Republican support.

Ms. Nancy Pelosi, President of the US House of Representatives Said after Congress approved budget reconciliation guidelines On Friday that The US Congress is expected to be able to pass a resolution approving economic stimulus measures to cure US citizens and businesses affected by the COVID-19 epidemic before March 15, the day the aid measures are taken. The unemployed affected by COVID-19 will expire.

Investors forecast that the US will speed up the stimulus package. After the disclosure of lower-than-expected numbers of non-agricultural employment

The US Department of Labor reported on Friday. The number of non-farm payrolls rose by 49,000 in January. Below analysts had expected an increase of 50,000.

The unemployment rate fell to 6.3 percent in January, lower than analysts had expected to stabilize at 6.7 percent.

President Joe Biden said. The employment numbers are still low. Demonstrates the need for Congress to rush to approve US economic stimulus measures.

President Biden said that If the US continues to create jobs at the current rate It will take 10 years to return to the state of employment to its full potential. And this underscores the need for Congress to accelerate its push for economic stimulus measures to cure Americans and businesses affected by the COVID-19 epidemic.

Mrs. Janet Yellen, Secretary of the United States Show confidence that Employment in the United States will grow to its full potential again in 2022 if Congress approves President Joe Biden’s $ 1.9 trillion stimulus package.

Mrs. Yellen also said that If the US government does not release additional stimulus measures. The unemployment rate will increase dramatically in the coming years. And it may take a long time until 2025 for the unemployment rate to drop to 4% again.



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