Stock Markets in New York Generally Open Lower
The stock exchanges in New York mainly opened lower on Friday. Investors on Wall Street are processing the bailout plan of president-elect Joe Biden, who wants to allocate $ 1.9 trillion for the US economy.
In addition, the large banks JPMorgan Chase, Citigroup and Wells Fargo released results and disappointing data on retail sales in the United States were published.
Shortly after opening, the Dow Jones index recorded 0.6 percent in the minus at 30,811 points. The broad-based S&P 500 fell 0.4 percent to 3782 points, but the Nasdaq tech exchange rose 0.2 percent to 12,928 points.
With his “American rescue plan”, Biden wants to make $ 1 trillion available to help families by raising the federal minimum wage to $ 15 an hour. Also, 440 billion dollars will go to companies, and an emergency fund for local governments and 400 billion dollars will go to the direct fight against the coronavirus. In February Biden wants to come up with a more extensive aid plan.
US retail sales fell again in December because, for example, the catering industry and stores had to close due to new lockdowns against the coronavirus. There was also a decline in November. Economists had expected US retail sales to remain unchanged last month.
JPMorgan Chase, the largest US bank, was slightly up after better than expected data. Citigroup and Wells Fargo actually lost up to almost 5 percent.