U.S. equity markets hit record highs Friday morning after the Senate paved the way for President Biden’s $1.9 trillion COVID-19 aid package and the jobs report showed a drop in the unemployment rate.
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Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 31176.99 | +121.13 | +0.39% |
SP500 | S&P 500 | 3893.63 | +21.89 | +0.57% |
I:COMP | NASDAQ COMPOSITE INDEX | 13877.494414 | +99.75 | +0.72% |
The Dow Jones Industrial Average climbed 170 points, or 0.55%, while the S&P 500 and the Nasdaq Composite advanced 0.48% and 0.29%, respectively. Both the S&P 500 and the Nasdaq Composite were trading in record territory while the Dow was just below its own peak.
Also lending support to equities, a boost in West Texas Intermediate oil prices which topped $57 per barrel Friday giving energy stocks a lift.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
USO | UNITED STATES OIL FUND L.P. | 38.05 | +0.24 | +0.65% |
XLE | ENERGY SELECT SECTOR SPDR ETF | 42.55 | +0.35 | +0.83% |
Stocks rose despite a ho-hum jobs report with the addition of 49,000 jobs in January as the unemployment rate fell to 6.3%, according to the Labor Department. Wall Street analysts surveyed by Refinitiv had expected the addition of 50,000 jobs with the unemployment rate holding steady at 6.7%.
In Washington, the upper chamber of Congress early Friday morning voted 51-50, with Vice President Kamala Harris casting the tie-breaking vote, to adopt a budget resolution for coronavirus relief. The vote paves the way for a bill to pass using budget reconciliation rules that would allow Democrats to avoid a Republican filibuster.
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In stocks, GameStop Corp., AMC Entertainment Holdings Inc. and others received a reprieve after Robinhood Markets Inc. lifted all trading restrictions that had been implemented amid a surge in volatility. GameStop shares had plunged 84% this week through Thursday while AMC shares were down 47%.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
GME | GAMESTOP CORP | 63.69 | +10.33 | +19.36% |
AMC | AMC ENTERTAINMENT HOLDINGS INC | 7.03 | -0.06 | -0.83% |
BBBY | BED BATH & BEYOND INC. | 27.06 | +0.05 | +0.19% |
BB | BLACKBERRY LIMITED | 13.22 | +1.05 | +8.63% |
Elsewhere, Chevron Corp. made an offer to buy the remaining shares of Noble Midstream L.P. that it doesn’t already own for $12.47 apiece, the same as Thursday’s closing level. The deal, which must be approved by Noble’s board, values the company at $1.13 billion.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
CVX | CHEVRON CORP. | 89.00 | -0.06 | -0.07% |
XOM | EXXON MOBIL CORPORATION | 49.94 | +1.61 | +3.34% |
In earnings, Ford Motor Co. lost $2.8 billion in the three months through December as an airbag recall and idled production of its F-150 pickup truck weighed on the company’s bottom line. The Detroit-based automaker said through 2025 it will spend $22 billion on electric vehicles and another $7 billion to develop autonomous vehicles.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
F | FORD MOTOR COMPANY | 11.67 | +0.29 | +2.55% |
Peloton Interactive Inc. reported record quarterly revenue and raised its full-year outlook, but warned recent upgrades to its supply chain would have a near-term impact on margins.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
PTON | PELOTON INTERACTIVE | 145.79 | -11.74 | -7.45% |
Snap Inc. said its number of daily active users rose 22% from a year ago, but warned the Capitol Hill riots and Apple’s privacy changes to its operating system would weigh on results in the current quarter.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
SNAP | SNAP INC. | 61.23 | +2.90 | +4.98% |
In commodities, gold added $4.50 to $1,795.70 per ounce.
BITCOIN ROBS FROM GOLD AS PRECIOUS METAL SINKS BELOW $1,800
Overseas markets were mostly higher.
France’s CAC 40 was pacing the advance in Europe, trading up 0.98%, while Germany’s DAX 30 held a more modest gain of 0.2% and Britain’s FTSE 100 was little changed.
In Asia, Japan’s Nikkei 225 rallied 1.54%, Hong Kong’s Hang Seng index advanced 0.6% and China’s Shanghai Composite slipped 0.16%.