Benchmarks were higher in Paris, London, Tokyo and Hong Kong but slipped in Shanghai. World markets were subdued on Monday, with U.S. exchanges closed for a holiday.Newsletter sign-up: Get The COVID-19 Brief sent to your inbox
"The positive shift in investor optimism ahead of inauguration day is a clear signal the market is leaning towards an early stamp of approval on the Biden administration policy agenda," Stephen Innes of Axi said in a commentary. "The concerns over the Presidential inauguration tomorrow, which weighed on sentiments yesterday, have receded with fiscal stimulus business as usual regaining ascendancy," Jeffrey Halley of Oanda said in a report.
Yellen said that she and Biden were aware of the country's rising debt burden, but that ultra-low interest rates make spending more now a smart choice. Coronavirus deaths are rising in nearly two-thirds of American states as a winter surge pushes the overall toll toward 400,000 amid warnings that a new, highly contagious variant is taking hold.
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