- Dow Jones reaches record high
- Mnuchin putting nearly half a trillion dollars out of reach of Yellen
- Covid-19 cases in the world exceeded 60 million
Dow Jones Reaches Record High
The Dow Jones Industrial Average rocketed above 30000 for the first time, a stunning rally that has driven the stock market to peaks even in the wake of a horrific pandemic.
Investors’ optimism was prompted by news of the successful start of the transfer of presidential power in the United States, as well as the imminent receipt of a vaccine against the Covid-19.
The value of the industrial stock index Dow Jones on Tuesday, November 24 at the end of trading rose by almost 495 points and for the first time exceeded 30,000 points in the history of the index.
The fact that the American stock market has reached unprecedented heights, was announced by US President Donald Trump during his daily briefing on Tuesday.
Trump stated that: “I just want to congratulate everyone. The stock market, the Dow Jones Industrial Average, just hit 30,000, the highest in history. That’s the number of 30,000 – no one thought we’d ever see it. But this is the 9th record since the beginning of 2020 and the 48th time that we have set a new bar during the Trump administration. “
According to CNN, the optimism of investors who have begun to buy up shares of American companies is associated with the news regarding the transfer of presidential power in the United States, as well as the early receipt of the coronavirus vaccine by the United States. Thus, the head of the American state program for preparing for vaccination, Moncef Sloughi, told that vaccination in the United States is expected to begin by December 11-12.
“The promising test results for a range of Covid-19 vaccines are raising investor hopes for an economic recovery in 2021,” The Wall Street Journal noted.
In addition, on Monday, November 23, the General Services Administration of the United States officially recognized Joe Biden’s victory in the elections and informed the candidate about its readiness to begin the transfer of power. In particular, the growth of “Dow Jones” occurred amid reports that Biden plans to appoint former Federal Reserve Chairman Janet Yellen to the post of head of the US Treasury.
Mnuchin Putting Nearly Half a Trillion Dollars Out of Reach of Yellen
The presidential transition may have started this week, but that doesn’t mean the Trump administration is going to make it any easy for Biden’s administration.
Biden is expected to appoint Janet Yellen, former chair of the Federal Reserve, as his Secretary of the Treasury, placing a woman in the position for the first time since the department was formed in 1789.
The Treasury stated that, U.S. Treasury Secretary Mnuchin is moving the amount to another account to make it difficult for former Fed Chairman Yellen to access the remaining $455 billion from the pandemic support program.
US Treasury Secretary Steven Mnuchin will move the unspent $455 billion from the Coronavirus Support and Economic Security Act fund into an account where ex-Fed Chairman Janet Yellen, who is expected to be his successor, will need new congressional authorization before being used, Bloomberg reported.
The amount will be transferred to the Ministry’s general fund, according to the Treasury Ministry’s announcement Tuesday. The rest of the money, much of which is spent to support the Fed’s emergency lending facilities, will be impossible for Yellen to access for the same purpose without the consent of lawmakers.
US elected President Joe Biden chose Yellen as the US Treasury Department candidate. Biden’s transition team stated last week that Mnuchin’s request for the return of funds from the Fed was “highly irresponsible”. However, Mnuchin rejected Biden’s attempt to limit its options to stimulate the economy.
The general fund of the Ministry of Treasury can only be used based on the Congress decision, according to the information on the Ministry website.
With this step, less than $80 billion will remain at the Treasury Secretary’s discretion.
Covid-19 Cases Exceeded 60 million in the World
According to the statement made by Worldometer website, the total number of cases worldwide exceeded 60 million 108 thousand, and 1 million 414 thousand 925 people died due to the virus. Europe only has in total of 16 646 628 cases.
President Emmanuel Macron in France, which implements national quarantine, announced his gradual relaxation plan. Accordingly, if the goals are achieved, the curfew will be lifted from December 15 across the country.
Macron also stated that the first vaccines in his country will be administered at the end of December. He announced that they are purchasing maximum doses of vaccine with the European Union.
Stating that they will be transparent about informing vaccination studies in the country, Macron stated that the vaccine will not be mandatory in the country and they will organize a vaccination campaign. Announcing that the use of vaccines against the Covid-19 epidemic will begin in late December or the beginning of January 2021, Macron pointed out that the economic crisis caused by the pandemic in the country is expected to deepen.
On the other hand, Germany is discussing tightening the measures. Today, German Chancellor Angela Merkel will meet with state leaders, many of whom oppose tougher measures. Merkel will propose additional measures for schools in regions where the pandemic is intense, and measures such as further restriction of the number of customers to be allowed in stores.
British Prime Minister Boris Johnson announced yesterday that the quarantine, which was implemented on November 5 as part of the fight against the Covid-19 outbreak, will end on December 2, and then a 3-stage plan will be implemented until spring. Johnson stated that in the third stage, entertainment venues and hotels will be closed and that restaurants can only offer take-away service, and this plan will be valid until spring.
In Spain, 16 thousand 701 Covid-19 patients are currently being treated in hospitals, while 2 thousand 853 of them are in intensive care. In Spain, where a state of emergency has been declared against Covid-19 since October 25, free movement restrictions and night curfews, which vary according to 17 autonomous regions, continue.
According to Worldometers data; The number of Covid-19 cases detected worldwide reached 60 million 11 thousand 908. In the USA, which ranks first in the list of cases and casualties, there are 12 million 912 thousand 770 cases. The USA with 9 million 221 thousand 998 cases, India with 6 million 118 thousand 708 cases, France with 2 million 153 thousand 815 cases, Russia with 2 million 138 thousand 828 cases, Spain with 1 million 614 thousand 126 cases. The United Kingdom with million 538 thousand 794 cases, Italy with 1 million 455 thousand 22 cases, Argentina with 1 million 374 thousand 631 cases, Colombia with 1 million 254 thousand 979 cases follow.