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The Dow Jones index for the first time in history has overcome the level of 30 points.
The transition of presidency from Donald Trump to Joe Biden began after the president-elect announced key positions. It is also worth noting that it was reported that former Federal Reserve Chairman Janet Yellen will become a candidate for the post of Treasury Secretary.
Stocks rallied amid the emergence of three possible vaccines and the lifting of global quarantines, even as Los Angeles took tough measures against outdoor dining and New York set up checkpoints to curb the spread of COVID-19. Oil prices also rose in line with airline shares.
Housing prices are still rising as demand remains strong.
Here are three events that could affect the market on Wednesday:
1. State of the economy
On a second reading, US Q3 GDP is likely to continue to show significant growth in economic activity starting in the second quarter. Economists do not expect major changes after the previous figure of 33.1%. Data will be released at 08:30 AM ET (12:30 GMT).
Analysts also have doubts about labor market statistics. They are leaning towards observing whether last week's data was one-off or the beginning of a trend. Initial jobless claims surged last week amid a sharp surge in COVID-19 infections, but there is consensus in favor of a decline from the previous 742,000. up to 730k. This data also comes out at 08:30 am ET (12:30 GMT).
We can expect a decrease in income and expenses in October with the end of stimulus measures and unemployment benefits. Economists expect revenues to fall from 0.9% to 0.1% and expenses from 1.4% to 0.4%. These numbers are due to be released at 10:00 am ET (14:00 GMT).
There will also be data on durable goods orders, new home sales and business sentiment from the University of Michigan.
2. The income of a large industrialist.
US engineering company Deere has earnings per share of $ 1.38 on sales of $ 7.57 billion. Analysts will closely monitor the company's initial forecast for 2021, if any.
3. Protocol of the Federal Open Markets Committee
If all this economic data doesn't help you, we'll also check out the minutes of the FOMC (Federal Open Market Committee) meeting earlier this month. The minutes will be released at 2:00 pm ET (6:00 pm GMT). Fed watchers will analyze the text for possible changes in asset purchases, with some economists expecting a sharp jump in December.
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