Monday, 25 January, 2021


How major U.S. stock indexes fared Thursday

Stock Market Today 1/6/21: U.S. Capitol Under Attack, Dow Sets New Highs Anyway World shares up on stimulus hopes as Congress OKs Biden win
Conrad Doyle | 09 January, 2021, 10:59

USA stocks are drifting near their record highs on Friday, following a sober reminder of how many jobs the pandemic is destroying, as Wall Street balances expectations for the economy's potentially brighter future against its current pain.

The S&P 500 posted 75 new 52-week highs and no new lows while the Nasdaq recorded 352 new highs and five new lows.

The economic data of the day came in better than expected as well, with lower-than-predicted jobless claims for last week, and a stronger-than-expected December services purchasing managers' index.

At 11:47 a.m. ET the Dow Jones Industrial Average rose 306.47 points or 0.99% to 31,135.87, the S&P 500 gained 57.18 points or 1.53% to 3,805.32 and the Nasdaq Composite gained 306.33 points or 2.40% to 13,047.12.

Meanwhile, referring to a riant market optimism over a larger pandemic stimulus bill alongside a likely raise of a one-off pay-check to $2,000 from an earlier $600 passed in the US Congress later past year, a portfolio manager at GolbAlt in Atlanta, Keith Buchanan said, "You're seeing a reflation trade on the assumption that a more progressive and aggressive fiscal stimulus package could be in the offing". The remarks unsettled investor who expect further stimulus payments. "The employment recovery has stalled as a result", he said.

Congress held a joint session today to ratify President-elect Joe Biden's 306-232 Electoral College win over President Donald Trump. JPMorgan Chase slipped 0.4%, and Bank of America fell 1.5% for two of the biggest weights on the S&P 500.

The Dow is up 434.65 points, or 1.4%.

But the Dow gave up some of its early gains and finished the day up only 0.2%, as investors now seem anxious that more help might not soon be coming after all.

U.S. House Speaker Nancy Pelosi urged Trump's immediate removal from office.

The S&P 500, the broadest measure of the United States equities market, was up 1.4 per cent and the Nasdaq Composite soared 2.3 per cent at midday.

"The irony is that. despite the chaos we got more clarity and certainty that Biden is the president and that there is Democratic government", said John Petrides, portfolio manager at Tocqueville Asset Management in NY.

Electric car-maker Tesla Inc jumped 7.8%, taking its market capitalization to more than $800 billion for the first time ever.

The rally was broad-based, though the S&P 500′s technology sector notched the biggest gain, recouping losses after a pullback a day earlier.

USA -listed shares of Baidu Inc gained 8% on plans to form a company to make smart electric vehicles, according to two sources familiar with the matter.

Advancing issues outnumbered declining ones on the NYSE by a 1.10-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.

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