MARKET WRAP: JSE hits new record high on US stimulus plans

The JSE closed at another record high on Wednesday, tracking firmer global markets as US treasury secretary nominee Janet Yellen advocated for a large fiscal relief package to help the US economy deal with the effects of the Covid-19 pandemic.

At her confirmation hearing for the position on Tuesday, Yellen endorsed president-elect Joe Biden’s higher aid spending, saying that the benefits of a big stimulus package were greater than the expenses of a higher debt burden. She called on the government to “act big” on a Covid-19 economic relief package, which helped lift markets…