The stimulus package, unveiled by Biden on Thursday, has been widely anticipated by Wall Street and has helped lift the broad S&P 500 index nearly 3% in the week since Democratic challengers won both of Georgia’s US Senate seats, giving Democrats full control of Congress. “Right now markets are celebrating the additional stimulus and see it as a stronger bridge to a fully reopened economy,” said Jeff Buchbinder, equity strategist for LPL Financial. The S&P 500 dipped nearly 0.4% on Thursday, and is up approximately 1.1% since the start of January. The year’s rally has been led largely by cyclical stocks that benefit from a stimulus package, including banks, which are up over 10% for the year to date. Rising yields threaten to weigh on the companies with longer-duration cash flows such as tech and growth shares.

Source: bd News24 January 14, 2021 21:33 UTC