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DAX Rises Ahead Of Biden's Inauguration

German stocks were moving higher on Wednesday after U.S. Treasury Secretary nominee Janet Yellen called for more fiscal stimulus to bolster the world's largest economy.

During her confirmation hearing before the Senate Finance Committee on Tuesday, Yellen urged Congress to "act big" on Covid- 19 relief, arguing that the benefits of higher spending outweighed the implications of a higher debt burden.

Joe Biden will be sworn-in as the 46th President of the U.S later today after a long stint in politics spanning over four decades.

The benchmark DAX rose 36 points, or 0.3 percent, to 13,851 after ending 0.2 percent lower in the previous session.

Bilfinger shares fell about 1 percent. The civil engineering company announced that CEO Tom Blades has decided not to extend his contract beyond June 30, 2021 for personal reasons and against the background of his reaching the age of 65.

Chemical company BASF Group climbed 1.1 percent. The company reported that its preliminary sales for the fourth quarter of 2020 increased 8 percent to 15.91 billion euros from last year's 14.69 billion euros, driven by higher volumes and prices.

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