Home Business U.S. stocks rose, European stocks rose, oil prices rose! The market is waiting?
U.S. stocks rose, European stocks rose, oil prices rose! The market is waiting?

U.S. stocks rose, European stocks rose, oil prices rose! The market is waiting?

by YCPress

On Friday, U.S. time, all three major U.S. stock indexes closed higher, including the Dow Jones Industrial Average closed slightly higher than 0.09%, the S&P 500 Index and the Navald Index closed up 0.47% and 0.5% respectively, all three major indexes closed at record highs.

Cyccurring stocks closely related to the economy, including energy, finance and basic materials sectors, led the market on Friday.

Biden seeks to push forward the $1.9 trillion fiscal rescue plan

U.S. media reports that U.S. President Biden met with a bipartisan team of mayors and governors on Friday, who sought support for advancing the $1.9 trillion fiscal rescue plan to boost the economy.

The U.S. consumer confidence index unexpectedly fell, and the financial situation of low-income families was worrying.

The latest economic data also shows that the U.S. economy is in great need of financial support.

The consumer confidence index of the University of Michigan, which was widely concerned by market participants, unexpectedly fell to 76.2 at the beginning of February from 79 last month, a six-month low, which was expected to improve in early February.

One of the main reasons is that only 23% of low-income American households with an annual income of less than $75,000 have improved financial situation, the lowest level since 2014, compared with 54% of high-income families.

The three major European stock markets rose across the board on the 12th.

The three major European stock markets rose across the board on Friday, London and Paris closed up 0.94% and 0.6% respectively, and Frankfurt closed only slightly up 0.06%, due to the decline in delivery by car manufacturer Volkswagen in January and the drag caused by a drop of 0.7%.

The British economy contracted by 9.9% in 2020, the worst record in more than 300 years.

Preliminary statistics released by the Office for National Statistics on Friday showed that the UK’s GDP fell by 9.9% in 2020, becoming the worst annual recession since 1709 due to the epidemic.

However, in the fourth quarter of last year, the British economy stopped the downward trend in time, recording 1% growth and is expected to recover this year.

Crude oil prices rose by more than 2% on the 12th. International gold prices fell slightly on the 12th.

Crude oil prices rose significantly on Friday, returning to their highest level in more than a year. The price of U.S. WTI light crude oil futures for March delivery closed at $59.47 a barrel, and Brent crude oil futures for April delivery closed at $62.43, an increase of 2.11%.

Markets are hoping that the United States will launch a fiscal stimulus plan to boost economic and fuel demand. In addition, as major oil-producing countries maintain production cuts, market supply will become tight.

Gold prices fell slightly by 0.2% on Friday, and gold futures for April delivery closed at $1,232.2 per ounce.

It is worth noting that the price of gold rose by more than 11% this week, the largest weekly increase since March last year.

This is because the market expects the recovery of the global automobile industry to boost the demand for gold.