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DJ News Highlights: Top Global Markets News of the Day

· 02/04/2021 15:00
Chinese Video IPO Goes Viral With InvestorsGameStop Mania Drives Scrutiny of Payments to Online BrokersMarkets Withstood the GameStop TestBond Market Volatility Boosts Online Trading PlatformsYellen Says 'We Need to Act Big' on Covid ReliefBank of England Cuts 2021 U.K. Growth Forecast Despite Vaccine DriveGPB Capital Faces Claims Over 'Ponzi-Like Scheme' Involving $1.7 BillionThe Biden Administration's Elusive Stimulus Goal: Full EmploymentU.S. Unemployment Claims Slip Below 800,000Stocks Rise as Jobless Claims Fall

Stocks traded higher after filings for U.S. unemployment benefits showed a decline from the previous week, with investors watching for signs that the economic recovery remains under way.

Jobless claims fell for the third straight week. While still elevated, the latest report is a sign that layoffs have started to ease following an increase in early January.

Before the pandemic, low joblessness boosted prosperity without overheating the economy and igniting inflation. Getting back there is the top economic aim of the Fed and White House. "The longer that you allow that high unemployment to fester, the more scarring it has."

GPB Capital faces a Martin Act complaint in New York and civil fraud claims from the Securities and Exchange Commission.

Officials held their benchmark interest rate steady at 0.1%, echoing the wait-and-see stance of other major central banks.

Treasury Secretary says President Biden wants to advance a new coronavirus relief package with bipartisan support but that the administration must act forcefully with a deal that supports families and businesses.

Average daily trading volume on Tradeweb's online bond trading platform topped $1 trillion in January. Other firms are also seeing a surge in trading.

Investors should take at least a crumb of comfort that the market has so far avoided a major tumble thanks to GameStop.

The Reddit-fueled frenzy in stocks such is prompting calls for regulators to reconsider a decades-old practice in the U.S. stock market: payment for order flow.

Shares in Kuaishou Technology surged in gray-market trading ahead of the company's Hong Kong debut, after investors placed about $370 billion of orders for the $5.4 billion deal.

(END) Dow Jones Newswires

February 04, 2021 15:00 ET (20:00 GMT)

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