- Formal transition of power to Biden begins
- Dow Jones hit an all-time intraday high
- Biden picks Janet Yellen for Treasury Secretary
US indices are also trading higher in relief over the Trump administration’s move to begin the transition process. Dow Jones rose 1.4%, and hit an all-time intraday high. The S&P 500 added nearly 1.5% and Nasdaq advanced 0.9%. US General Services Administration acknowledged Joe Biden as the apparent winner of the presidential election and President Trump asked the agencies to begin the transition of power, even as he vowed to keep contesting his election defeat. Also investors welcomed the news that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary which is perceived by many as a market-friendly pick taking into consideration that she oversaw a long economic expansion with historically low-interest rates and will probably insist on further fiscal stimulus. Meanwhile ever-increasing number of new coronavirus cases prompted some Wall Street firms including Goldman Sachs and JPMorgan to lower their near-term economic outlook. Yesterday US reported 172,300 new COVID-19 infections and the situation could worsen in the coming days as around 50 million Americans will travel to celebrate the upcoming Thanksgiving Day. The seven-day average of new infections increased more than 10% over the previous week to an all-time high of 176,434.
USDJPY – pair managed to break above the major resistance level at 104.27 and is currently testing the 200 SMA (red line). If buyers will manage to uphold current momentum, then another upward impulse towards resistance at 105.07 could be launched. This level also coincides with the long term downward trendline. Source: xStation5This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
