Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Mr. Daniel Yoo, global strategist at Yuanta Securities.
Mr. Yoo, hope you had a good holiday. Thanks for coming on.
Stocks on Wall Street surged on the first day of March as the spike in bond yields eased and investors bought up tech stocks. For the S&P, it was the biggest jump since last June. In the local markets, a nice gain today as well. What's the story in the global markets and here in Korea?
The upcoming round of coronavirus relief payments in South Korea will go to around 6.9 million people, with a maximum of five million won each, which is more than 4-thousand dollars. The government's also planning to create around 275-thousand new jobs for young people and women. Tell us about those plans and what kind of effect you think it might have.
All of this government spending, like an extra budget worth around 13 billion dollars to fund the relief payments, there are concerns about the unintended consequences. Also, frankly, the fairness of these payments. What are the concerns there, and what's your view?
To go back to the markets, this week marks one year since the big sell-off last March in which the stock markets lost a third of their value as the world started locking down. Investors saw an opportunity, bought in, and stocks were back were they were by June, and of course have risen since. Some of that is first time investors with stimulus money in their pockets. The Fed was even buying ETFs. What do you say to the fears some have that we're in a bubble that's going to pop?