Wall Street opens higher, looking at Biden; Ignored unemployment data; Upload 73 Pts by Investing.com

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By Geoffrey Smith Investing.com – US equities markets opened higher Thursday in anticipation of President-elect Joe Biden‘s stimulus plans, ignoring new evidence of job market damage from the pandemic. As of 9:35 am ET (1435 GMT), it was up 108 points, or 0.4%, to 31,168 points. It was up 0.2% while it was up 0.4%. Biden must later present the details of a stimulus plan that, he said earlier, will amount to “trillions of dollars.” The prospect of more federal borrowing this year has raised questions about whether monetary stimulus from the Federal Reserve will be enough to absorb all that extra issuance. Fed Chairman Jerome Powell can touch on the relationship between fiscal and monetary policy in a speech at 12:30 pm ET. There is no question that the economy needs more support. Previously released Labor Department data showed 965,000 Americans filed for unemployment benefits, the highest weekly number since August and well above the 795,000 expected.

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