Joe Biden's first term as president took place in the midst of a global pandemic, when shutdowns, supply chain interruptions and reductions in the workforce put a significant strain on the economy..
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Several economic researchers and observers have emphasised the need for measures to boost demand, particularly direct cash payments to households, but have lamented such action is unlikely to be taken at present.
Oil prices jumped 1% on Tuesday, starting the New Year higher as a Red Sea naval clash focused attention on potential Middle East supply disruptions and expectations of Chinese economic stimulus boosted the demand outlook in the world's top crude importer. Brent crude rose $1.03, or 1.3%, to $78.07 a barrel by 0225 GMT while U.S. West Texas Intermediate crude was at $72.53 a barrel, up 88 cents, or 1.2%. The risks of the Israel-Gaza conflict morphing into a wider regional conflict rose over the weekend after U.S. helicopters repelled an attack on Sunday by Iran-backed Houthi militants on a Maersk container vessel in the Red Sea, sinking three Houthi ships and killing 10 militants, according to accounts by American, Maersk, and Houthi officials.
Facebook parent Meta Platforms experienced a substantial increase in market capitalization, soaring 188% to $909.3 billion, its largest annual gain in 11 years. Nvidia Corp, the U.S. chipmaker, skyrocketed 240% in terms of market cap, to $1.22 trillion – its biggest yearly gain since 2001. However, the substantial gains among these mega-cap stocks have led some analysts to deem them overvalued, with expectations for a more widespread rally in the coming year.