DJ News Highlights: Top Global Markets News of the Day

· 02/07/2021 23:00

After the Pandemic, a Service TsunamiU.S. Trade Balance With China Improves, but Sources of Tension LingerBiden Doesn't Expect $15 Minimum Wage to Be in Final Covid-Relief BillU.S. Added 49,000 Jobs in JanuaryS&P 500 Closes Best Week Since Early NovemberGameStop Frenzy Is Tough Call for RegulatorsChina's Economy Isn't Out of the Woods, Despite a Strong 2020Covid-19's Hit to State, Local Revenues Smaller Than Many FearedTightening Oil Supplies Inject New Momentum Into Price RallyEconomy Week Ahead: Inflation, Unemployment and GDP

In addition to this week's economic calendar, Capitol Hill will be closely monitored for the latest on U.S. fiscal policy.

A booming rally in oil markets has pushed crude prices to their highest levels since near the start of the pandemic, powered by production curbs and recovering demand.

The coronavirus pandemic hasn't decimated state and local government revenues, as many feared early last year. But costs are rising, opening budget holes that must be filled.

The economic-growth outlook for China remains fragile, with a tepid job market and lagging consumer confidence weighing on hopes for sustained growth in 2021.

A core principle of market regulation is transparency-give investors information and let them decide. The GameStop drama was nothing if not transparent.

U.S. stocks edged higher, giving the S&P 500 a 4.6% rise for the week as investors anticipated fresh stimulus spending and the labor market's recovery.

The small gain returned growth to the labor market after a one-month dip. The unemployment rate fell to 6.3%.

Democrats are moving forward without Republican support for the $1.9 trillion package.

Exports of goods to China rose 17.1% last year, as the Biden administration looks to reframe economic relations with the world's No. 2 economy.

Americans usually rush out to buy things after an economic slump, but this time around there could be a surge in demand for meals, entertainment and vacations

(END) Dow Jones Newswires

February 07, 2021 23:00 ET (04:00 GMT)