Investing.com investing.com 07 Jan, 2021 23:45 am

Nasdaq Closes Above 13K for First Time Ever on Bets for Stronger Recovery By Investing.com

Nasdaq Closes Above 13K for First Time Ever on Bets for Stronger Recovery By Investing.com
Nasdaq Closes Above 13K for First Time Ever on Bets for Stronger Recovery

com (NASDAQ: AMZN ), Facebook (NASDAQ: FB ) and Alphabet (NASDAQ: GOOGL ) traded higher.On the economic front, there are signs that the stimulus - agreed to last month - is already having the desired effect, particularly in the labor market as the stimulus checks supported laid-off workers.The positive labor market data comes a day ahead of the nonfarm payrolls report for December, with Wall Street estimating that 71,000 new jobs were created during the month.The level of initial jobless claims fell by 3,000 to 787,000 in the week ended Jan.

Financials climbed nearly 2% as bank stocks surged on rising Treasury yields as investors bet the Democrats' expansionary agenda - following their victory in the Georgia runoff elections - will spark a stronger economic recovery.Growing optimism on a stronger economic rebound has Federal Reserve officials hinting that monetary policy support could be reined in as soon as year-end.

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