By Debby
Hey Moomooers,
Good evening. Here is the latest Market Recap for you.
For the week, all the three major stock indexes ended in positive territory after the Biden administration took office.
The Dow gained 0.6%, the S&P 500 was up 1.9%, and the Nasdaq jumped 4.2%.
How did major indexes fare?
Stocks ended mixed on Friday, with the S&P 500 falling shy of its Thursday record.
The $Dow Jones Industrial Average(.DJI.US)$ dropped 179 points, or 0.6%, while the $S&P 500 index(.SPX.US)$ fell 0.3%. The $Nasdaq Composite Index(.IXIC.US)$ gained 0.1% to a new high.
Source: moomoo
What drove the market?
Investors found few reasons to buy stocks on Friday after a round of records this week, with the acceleration of new coronavirus cases and lockdowns around the globe undermining support for equities.
For the week, the Dow gained 0.6%, the S&P 500 was up 1.9%, and the Nasdaq jumped 4.2%.
The small-cap Russell 2000, which rallied 1.3% on Friday to close at a record high at 2,168.76, finished the week up around 2.2%.
Investors stay cautious about American economic recovery. But U.S. stocks came off their session lows after IHS Markit purchasing managers surveys for U.S. service and manufacturing sectors for January posted good results, compared with December.
The index for services--by far the largest sector of the economy--rose to a two-month high of 57.5 in January from 54.8 in the prior month, while a survey for the U.S. manufacturing sector climbed to a record 59.1 from 57.1.
Both readings suggest that the U.S. economy is getting off to a solid start.
Hopes are high for decisive steps from the Biden administration, on both the public-health and economic crises, and markets are likely just treading water while waiting for some clarity, said Keith Hembre, chief investment officer for Minneapolis-based Liniam Capital.
Which stocks were in focus?
Here are the top movers:
Source: CNBC
$Incyte Corp(INCY.US)$: +4.25%
INCY announced that the U.S. Food and Drug Administration (FDA) has accepted for Priority Review its Biologics License Application (BLA) for retifanlimab
$Apple Inc(AAPL.US)$: +1.6%
Apple stock rose for the fourth straight session Friday, hitting a record high. Wall Street analysts continue to ratchet up expectations ahead of the company's December quarter earnings report, which is due after the close of trading next Wednesday.
Tech stocks were big winners this week, with the Nasdaq up 4.2% since last Friday’s close.
$Intel Corp(INTC.US)$: -9.28%
Intel tumbled more than 9% despite the company’s better-than-expected results for its fourth quarter.
Part of the equity price decline was a reversal of a late-session spike on Thursday that followed an early release of Intel’s results.
$International Business Machines Corp(IBM.US)$: -9.91%
IBM sank 10% following its earnings report that showed a decline in revenue larger than analysts expected.
IBM made $20.37 billion in revenue in the fourth quarter, missing estimates of $20.67 billion, according to Refinitiv. Earnings, however, topped estimates.
Source: MarketWatch, CNBC, Barron's
Comment(2)
Tech stocks were big winners this week, with the Nasdaq up 4.2% since last Friday’s close.
$Nasdaq Composite Index (.IXIC.US)$$Apple Inc (AAPL.US)$
Good evening
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