US: Big Biden stimulus no balm for US stocks, Dow loses 0.6%

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[NEW YORK] President-elect Joe Biden's massive plan to help the US economy didn't shake Wall Street's downbeat sentiment on Friday, with major indices losing ground in the last full trading week of Donald Trump's presidency. Read more at The Business Times.

Mr Trump will on Wednesday hand over power to Mr Biden, who has proposed spending US$1.9 trillion to help the US economy come back from the mass layoffs and sharp downturn in growth caused by the Covid-19 pandemic.

"Sentiment is being dampened, however, amid speculation that the increase in government spending could bring about higher taxes," they said in an analysis.

 

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