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(Friday Market Open) There’s a phrase on Wall Street that investors often “buy the rumor and sell the fact.”
We may be seeing some of that this morning after President-elect Joe Biden late Thursday unveiled a $1.9 trillion stimulus plan that includes direct payments, increased additional federal unemployment help, state and local government aid, and raising the federal minimum wage to $15 an hour.
The market has been in an uptrend in part on expectations of fresh stimulus from the Biden administration. With that priced in, investors may be taking the actual announcement as a time to book some profits. There could also be some concern about how raising the minimum wage could affect businesses at a vulnerable time while the pandemic continues.
Biden’s announcement came ahead of major bank earnings this morning, which investors seem to be paying close attention to as a potential gauge for how the rest of the fourth quarter reporting season might go.
The buy-the-rumor-sell-the-fact dynamic may apply to JPMorgan Chase (JPM) as well. JPM had a tremendous quarter, with revenue topping expectations and earnings coming in at $3.79 per share when analysts had expected just $2.62. The strong quarter came as the bank was able to unwind some of its loan loss provisions and trading was strong amid the support the market has been seeing from the Federal Reserve.
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