The US stock market finished session higher on Thursday, 28 January 2021, as investors chased for bottom fishing of stocks following the steep drop seen in the previous session. Buying interest generated amid bigger than expected decline in first-time claims for U. S. unemployment benefits and better than expected domestic gross domestic product data for the fourth quarter of 2020.
At the close of trade, the Dow Jones Industrial Average index added 300.19 points, or 0.99%, to 30,603.36. The S&P 500 index rose 36.61 points, or 0.98%, to 3,787.38. The tech-heavy Nasdaq Composite Index grew 66.5.6 points, or 0.5%, to 13,337.16.
Heavyweights, including Microsoft Corp, Amazon.com and Alphabet Inc, were among the biggest boosts to the market.
1/29/2021 1:38:31 PM GMT | By Eren Sengezer
Canadian economy expanded at a stronger pace than expected in November.
USD/CAD continues to push lower after the strong data.
Canada s Real Gross Domestic Product (GDP) expanded by 0.7% in November to mark its seventh straight monthly expansion, the data published by Statistics Canada showed on Friday. This reading came in higher than the market expectation of 0.4%.
Key takeaways Preliminary information indicates an approximate 0.3% increase in real GDP for December.
Following a 0.5% contraction in October, the manufacturing sector grew 1.7% in November.
Market reaction
The USD/CAD edged lower after the upbeat GDP report and was last seen losing 0.5% on the day at 1.2763.
What President Biden Inherits
As President Joe Biden takes office, he inherits:
The worst disease outbreak in over a century, which is spreading faster and killing more people in the U.S. than at any time since it began one year ago.
Highly effective vaccines that so far have reached only 4% of the public.
An economy struggling with 10 million jobless and millions more out of the workforce.
A rising tide of murders up nearly 36% last year in major cities.
Federal debt the highest since World War II, as a percentage of the U.S. economy, and an annual deficit running at $2.3 trillion this year even before Biden asks for a $1.9 trillion aid package.
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INDIANAPOLIS — Indiana’s gross domestic product rose significantly in the third quarter as consumers and businesses adapted to the coronavirus pandemic, but the state’s economy has yet to regain the