The Dow fell more than 100 points on the day on investor profit-taking. After the market rebounded significantly since the beginning of this month.
As of 9:43 GMT, the Dow Jones Industrial Average stood at 31,253.52, negative 132.24 points or 0.42%.
The Dow fell today for the first time in seven days after hitting a record high yesterday. It was driven by progress in the issuance of economic stimulus measures. And vaccination against COVID-19 in the US
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 be able to certify the budget with more than half a vote. Instead of using two thirds of the votes for passing the general law. And enable President Biden to push forward such stimulus measures Without the need for Republican support
U.S. House of Representatives Nancy Pelosi predicts that Congress will be able to pass a resolution approving economic stimulus measures to cure US citizens and businesses affected by the COVID-19 outbreak. Before March 15, the day the measures to help the unemployed affected by COVID-19 expire.
Investors forecast that the US will speed up the stimulus package. After the release of lower-than-expected non-farm payrolls on Friday.
Investors also keep an eye on the operating results of listed companies. Twitter and Cisco will report earnings today.
Among the companies in the S&P 500 that completed their 4Q20 earnings report, 83.6% reported higher-than-expected revenue and profit figures.
Investors watched Federal Reserve Chairman Jerome Powell’s statement to the Economic Association of New York tomorrow. It will be a video conference meeting.