Wall Street closes lower ahead of Biden plan

WALL STREET FENCE DOWN

PARIS (Reuters) – The New York Stock Exchange ended down Thursday pending a new stimulus package for the US economy to be unveiled by President-elect Joe Biden, after the announcement of a further increase in unemployment benefit claims in the United States.

The Dow Jones index lost -0.22%, or 68.95 points to 30,991.52.

The larger S & P-500 lost 14.3 points, or -0.38%, to 3,795.54.

The Nasdaq Composite fell 16.31 points (-0.12%) to 13,112.64 points.

Joe Biden, who is to be sworn in next Wednesday, is expected to unveil at the end of the day the content of the support plan for businesses and households developed by his future administration. According to the New York Times, all the measures planned will represent 1.900 billion dollars (1.562 billion euros).

The need for this plan was underscored shortly before the opening by the unemployment registration figures, which rose much sharper than expected last week to 965,000, their highest level since August.

Faced with the economic crisis caused by the pandemic, Federal Reserve Chairman Jerome Powell said Thursday that no rate hike was expected in the near future and refuted the idea that the Fed could soon revise to reducing its share buyback program.

At values, Intel climbed more than 4%, the largest increase in the DOw, after several increases in recommendation and the record results of Taiwanese TSMC (+ 6%).

Delta Air Lines took 2.5% after its chief executive, Ed Bastian, predicted 2021 would be the year of “turnaround” for the airline.

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On the downside, the asset management giant BlackRock lost 4.6% after the publication of its quarterly results, which exceeded expectations. The title has gained nearly 50% from its low point in September and ended Wednesday on an all-time high.

(Marc Angrand, Jean-Stéphane Brosse)

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