US stocks are rising again climbing toward records on stronger-than-expected earnings reports and continued optimism that an economic recovery is on the way. (AP)
US stocks are rising again climbing toward records on stronger-than-expected earnings reports and continued optimism that an economic recovery is on the way. (AP)

US stocks near records ahead of Biden inauguration

Joe Biden will take the oath of office to become US president later in the day, and he has a flurry of executive actions at the ready.
AP
PUBLISHED ON JAN 20, 2021 08:34 PM IST

US stocks are rising again Wednesday, climbing toward records on stronger-than-expected earnings reports and continued optimism that new leadership in Washington will help usher in an economic recovery.

The S&P 500 was 0.7% higher at 3,824.26 in early trading, brushing up against its record of 3,824.68 set earlier this month. The Dow Jones Industrial Average was up 93 points, or 0.3%, at 31,023, as of 9:45 a.m. Eastern time, and the Nasdaq composite was 1.3% higher.

Joe Biden will take the oath of office to become US president later in the day, and he has a flurry of executive actions at the ready. He has also pitched a plan to pump $1.9 billion more into the struggling economy, hoping to act quickly as his Democratic party takes control of the White House and both houses of Congress.

The hope on Wall Street is that such stimulus will help carry the economy until later this year, when more widespread Covid-19 vaccinations get daily life closer to normal. Such hopes have helped stocks and Treasury yields rise, with gains accelerating after Biden’s election, even as the worsening pandemic digs a deeper hole for the economy with more workers unemployed and shoppers less confident.

A better-than-expected start to earnings reporting season is also helping to lift the market. Analysts came in with low expectations, forecasting the big companies in the S&P 500 will report a fourth straight drop in earnings per share because of the damage from the pandemic. But the vast majority of the earliest reports have managed to top forecasts.

Morgan Stanley rose 1.8% after reporting much stronger earnings than Wall Street had forecast. A boom in corporate mergers and takeovers helped Morgan Stanley get more business from advising companies, and it booked more revenue from stronger trading activity.

Netflix jumped 13.1% for one of the market’s biggest gains after it said it ended last year with more than 200 million subscribers for the first time. It also said it made more in revenue during the last three months of 2020 than analysts expected, though its earnings fell short of forecasts. Business is good enough for the company that it says it likely doesn’t need to borrow anymore to cover its day-to-day operations.

The yield on the 10-year Treasury rose to 1.10% from 1.07% late Tuesday.

In European stock markets, the German DAX returned 0.8%, and the French CAC 40 rose 0.5%. The FTSE 100 added 0.2% in London.

In Asia, Japan’s Nikkei 225 slipped 0.4%. Main urban areas in Japan, including Tokyo, are under a state of emergency, with evening dining at restaurants discouraged. Critics say that’s not enough, as deaths related to Covid-19 have been rising. A vaccine rollout has not begun in Japan.

Other Asian markets were stronger. South Korea’s Kospi rose 0.7%, Hong Kong’s Hang Seng gained 1.1% and stocks in Shanghai rose 0.5%.

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A surge in household savings under lockdown has fueled speculation of a rapid increase in consumer demand as the government starts to unwind virus restrictions next month.(AFP Photo)
A surge in household savings under lockdown has fueled speculation of a rapid increase in consumer demand as the government starts to unwind virus restrictions next month.(AFP Photo)

Bank of England dismisses talk of inflation threat during post-Covid rebound

Bloomberg
PUBLISHED ON FEB 24, 2021 11:45 PM IST
Answering questions from lawmakers on Wednesday, policy makers said data monitored by the central bank don’t show evidence of inflation overshooting its 2% target.
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Customers are being given discounts and cashback offers on several product categories such as TVs, laptops, mobile phones, air conditioners and refrigerators.(Mohd Zakir/HT File Photo)
Customers are being given discounts and cashback offers on several product categories such as TVs, laptops, mobile phones, air conditioners and refrigerators.(Mohd Zakir/HT File Photo)

Govt clears 7,350-cr PLI booster for production of laptops, tablets, PCs

PTI
PUBLISHED ON FEB 24, 2021 08:25 PM IST
The PLI push is expected to bolster electronics ecosystem in India, at a time when globally manufacturing is undergoing a shift and companies across the world are looking to diversify their manufacturing base, to mitigate the risk involved in depending on a single location.
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Prime Minister Narendra Modi PM Modi said in the seminar that most public sector enterprises incur losses and that burdens the economy (PTI Photo)(PTI)
Prime Minister Narendra Modi PM Modi said in the seminar that most public sector enterprises incur losses and that burdens the economy (PTI Photo)(PTI)

'Govt has no business to be in business': PM Modi bats for privatisation

By hindustantimes.com | Edited by Ayshee Bhaduri, Hindustan Times, New Delhi
PUBLISHED ON FEB 24, 2021 08:22 PM IST
  • Reiterating his government’s stance on privatisation, the Prime Minister said, “We have made it clear in the new public sector enterprise policy that government will have limited role in only four strategic sectors and all other public sector units can be privatised.”
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The financial sector will contribute around 50 per cent of the incremental supply, followed by innovation (close to 25 per cent) and infrastructure (about 20 per cent), the agency said.(Shutterstock)
The financial sector will contribute around 50 per cent of the incremental supply, followed by innovation (close to 25 per cent) and infrastructure (about 20 per cent), the agency said.(Shutterstock)

India's corporate bond mkt can double to 65-70 lakh cr by March 2025: Crisil

PTI
PUBLISHED ON FEB 24, 2021 07:55 PM IST
The demand for corporate bonds, however, is likely to be 60-65 lakh crore by March 2025.
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The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland.(Reuters)
The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland.(Reuters)

Tesla shares rally in premarket trading on ‘buy the dip’ bounce

Bloomberg
PUBLISHED ON FEB 24, 2021 07:29 PM IST
Other electric-vehicle makers also climbed in premarket trading Wednesday: Nikola Corp. gained 3.3%, while Lordstown Motors Corp. advanced 2.6%.
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Tesla CEO Elon Musk (Reuters)
Tesla CEO Elon Musk (Reuters)

Elon Musk’s Starlink to be game changer for telecommunications sector

By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON FEB 24, 2021 06:22 PM IST
During the beta testing phase, Starlink offered users a broadband speed between 50mbps and 150mbps with the latency expected between 20ms and 40ms, depending on location.
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The decision was announced by finance minister Nirmala Sitharaman's office on Twitter.(ANI file photo)
The decision was announced by finance minister Nirmala Sitharaman's office on Twitter.(ANI file photo)

Centre lifts embargo on grant of govt businesses to private banks

By hindustantimes.com | Edited by Amit Chaturvedi
UPDATED ON FEB 24, 2021 06:07 PM IST
The department of financial services said that the decision will enhance customer experience. It also said that private banks will be equal partners in government's economic and social agenda.
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Sensex(Bloomberg)
Sensex(Bloomberg)

Sensex zooms 1,030 points; Nifty tops 14,950

Posted by Prashasti Singh | PTI, Mumbai
UPDATED ON FEB 24, 2021 06:03 PM IST
After resumption of trade at 3.45 pm, NSE Nifty zoomed 274.20 points or 1.86 per cent to end at 14,982.
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GAIL owns and operates a network of around 12,500km of high-pressure trunk pipelines and is a leading natural gas company.(HT File)
GAIL owns and operates a network of around 12,500km of high-pressure trunk pipelines and is a leading natural gas company.(HT File)

GAIL share buyback offer to open on February 25: All you need to know

By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON FEB 24, 2021 05:18 PM IST
According to a statement issued by GAIL, it will buy back shares from all existing shareholders and beneficial owners as on the record date, which is January 28, and this will be done on a proportionate basis.
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HDFC Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Finance, SBI, Axis Bank, HDFC and Reliance Industries.(PTI)
HDFC Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Finance, SBI, Axis Bank, HDFC and Reliance Industries.(PTI)

Sensex rallies over 500 pts; Nifty tops 14,850 after trade resumption

PTI, Mumbai
PUBLISHED ON FEB 24, 2021 05:18 PM IST
  • After resumption of trade at 3.45 pm, NSE Nifty was quoting 152.95 points or 1.04 per cent up at 14,860.75.
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Joe Biden has been under pressure from Republican lawmakers to do more to protect American supply chains from China (AP Photo/Evan Vucci, File)(AP)
Joe Biden has been under pressure from Republican lawmakers to do more to protect American supply chains from China (AP Photo/Evan Vucci, File)(AP)

Biden rushes to address global computer chip shortage via latest executive order

Reuters, Washington
PUBLISHED ON FEB 24, 2021 04:56 PM IST
  • The scarcity, exacerbated by the pandemic, will be the subject when Biden meets a bipartisan group of US lawmakers on Wednesday to discuss the issue.
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Barbie still carries plenty of baggage for promoting a largely White, gendered image of beauty.(AFP File)
Barbie still carries plenty of baggage for promoting a largely White, gendered image of beauty.(AFP File)

Barbie’s pandemic sales boom followed yearslong revamp at Mattel

Bloomberg
PUBLISHED ON FEB 24, 2021 04:52 PM IST
Years of planning and a bit of luck have turned the baby boomer of toys into a go-to item for millions of kids.
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 The Hyundai Kona recall is one of the first mass battery pack replacements conducted by a major automaker.. REUTERS/Jorge Silva/File Photo(REUTERS)
The Hyundai Kona recall is one of the first mass battery pack replacements conducted by a major automaker.. REUTERS/Jorge Silva/File Photo(REUTERS)

Hyundai Motor to replace battery systems in 82,000 EVs in recall worth $900 mil

Posted by Ayshee Bhaduri | Reuters, Seoul
UPDATED ON FEB 24, 2021 04:37 PM IST
The recall mostly concerns the Kona EV, Hyundai's biggest-selling electric car which was first recalled late last year for a software upgrade after a spate of fires.
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The NSE tweeted the market timings for various segments(Bloomberg)
The NSE tweeted the market timings for various segments(Bloomberg)

NSE, BSE extend trading hours till 5pm today. Here's why

By hindustantimes.com | Edited by Ayshee Bhaduri, Hindustan Times, New Delhi
UPDATED ON FEB 24, 2021 05:06 PM IST
  • Earlier in the day, NSE had halted trading in its cash and derivative segments at 11.40 am, due to issues with telecom links of its two service providers.
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Indian stocks riding on the tailcoat of foreign money may get a further boost post the stimulus.(MINT_PRINT)
Indian stocks riding on the tailcoat of foreign money may get a further boost post the stimulus.(MINT_PRINT)

NSE halts trading after telecom disruption

Bloomberg, New York\
PUBLISHED ON FEB 24, 2021 01:55 PM IST
About an hour into trading on Wednesday, local traders flagged that levels for the cash segment on the NSE’s benchmark Nifty 50 Index as well as the Nifty Bank Index stopped updating.
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