Asian stocks rose on Thursday, as did U.S. futures, after President Joe Biden addressed Congress, outlining ambitious spending plans for early education, childcare and other public services.
Investors stayed ahead of the release of US growth data for the January-March quarter. Gross domestic product may exceed 5% ացնել Accelerate to 10% or even more in the current April-June quarter as demand boosts fuel.
Shares rose in Hong Kong, Shanghai, Seoul and Sydney. The yield on the bonds was stable, while the oil prices were rising.
The benchmarks on Wall Street slipped on Wednesday after the Federal Reserve announced that it was leaving its key interest rate unchanged at zero, while noting the recent improvement in the economy.
In his speech Wednesday evening, the President outlined his plans to expand preschools, create a national family health leave program, distribute child care subsidies, and spend $ 1.8 trillion.
The plan comes from his proposal to spend $ 2.3 trillion on road construction, bridges, broadband access, and other infrastructure projects.
The Dow Industrials futures rose 0.4% and the S&P 500 rose 0.6%.
Asian trade In Aponia, markets were closed for the holidays. The Hong Kong Hang Seng was up 0.6% at 29245.26 and the Shanghai Composite Index was up 0.3% at 3465.98. In Seoul, Cospin gained 0.1% to 3,184.78. The Australian S & P / ASX 200 increased by 0.4% to 7,082.80.
In its latest policy, the US Federal Reserve left its short-term benchmark interest rate near zero, where the epidemic erupted almost a year ago, to help lower lending rates by encouraging borrowing and spending. It says it will continue to buy $ 120 billion worth of bonds each month to try to keep long-term borrowing rates low.
The 10-year Treasury yield, which affects mortgage and other consumer interest rates, weakened after the Fed announced a decline from 1.62% at the end of Tuesday to 1.61%.
The shares initially fell short of the Fed’s announcement on Monday.
The S&P 500 fell 3.54 points to 4183.18 points. Monday’s benchmark index hit an all-time high. Dow Jones Industrial Average lost 0.5% to 33,820.38. Nasdaq lost 0.3% to 14.051.03.
Smaller companies were better off than larger companies. The Russell 2000 Index rose 0.1% to 2,304.16 points.
Wall Street has been on the rise in recent weeks, pushing stock indexes to record highs as the spread of COVID-19 vaccines, the US government’s massive FD support, and the economic data boost drive for a stronger economy. կայուն Steady growth of corporate profits this year.
Expectations of rising oil prices have also raised fears of rising oil prices, as well as strong returns from oil and other commodities. Those concerns made bond yields higher.
In its speech, the FRS noted that the economy and the labor market have “strengthened.” And while acknowledging that inflation has risen, the Central Bank has said it sees the growth as temporary. Fed officials have said they want to see inflation exceed 2% of their annual inflation before they consider raising interest rates.
Investors on Wednesday also focused on corporate profits, with dozens of companies reporting quarterly results.
Google parent company Alphabet grew 3% after saying it had doubled its profits from a year earlier. Visa rose 1.5% after reporting solid financial results.
Google’s steady acquisitions have helped keep shares of the stock higher. Oil prices rose, boosted shares of energy companies, and technology and health companies fell.
Investors punished several other companies, the results of which were short-lived. Boeing slipped 2.9% and Spotify sank 12.3% after the music streaming company announced that subscriber growth had slowed more than expected.
Biotechnology company Amgen was among the biggest losers. It fell 7.2% after earnings for the first quarter, which were lower than analysts had forecast.
Facebook closed 5.5% in after-sales revenue after the release of its latest revenue. Apple added 3.3% to expanded trading after the company ‘s profit in the last quarter of last year increased due to higher sales of the iPhone.
New York Mercantile Exchange rose 18 cents to $ 64.04 a barrel on the New York Mercantile Exchange on Thursday. It gained 92 cents to $ 63.86 on Wednesday. The international standard for Brent crude oil improved by 19 cents to $ 66.97 per barrel.
The US dollar was fluctuating at 108.61 Japanese yen. The euro rose to $ 1.2135 from $ 1.2128.