Markets price in larger stimulus amid changing administration and bank earnings coming in higher than expected. The Dow Jones Industrial Average rose 150 points, or 0.5%. The S&P 500 gained 0.7%, led by communication services, while the Nasdaq Composite jumped 1.1%
- S&P 500: 95%
- Nasdaq: 45%
- Dow Jones: 50%
While the earnings cycle started out strong, many on Wall Street believe fourth-quarter earnings have been priced in and the market is focused on the 2021 outlook and the ultimate size of fiscal stimulus that would translate into profit growth. “Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big,” said Yellen in prepared remarks. “I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.”
Crude Oil and Natural Gas News
Crude oil prices up over 2% as vaccine rollout plays huge part in bull market, driving crude oil prices up to $53.18 for a session high. Natural gas prices are trading sharply lower from Friday’s close suggesting bullish speculators have taken out the forecast for the polar vortex later in the month. Natural gas prices currently trading at $2.593.
US Energy News
- Biden plans to cancel Keystone XL permits
- SpaceX buying offshore rigs
- Halliburton kicks off earnings season
International Energy News
- Volkswagen takes in Tesla
- Toyota-back VC targets 10K hydrogen by 2024
- EU carbon market up
- French bank to exit fossil fuels
