S&P, Nasdaq hit records as tech leads rally
U.S. equity markets ended mixed on Thursday after President Biden signed a series of executive orders in the first hours of his presidency.
The Dow Jones Industrial Average slipped 12 points, or 0.04% while the S&P 500 and the Nasdaq Composite were higher by 0.03% and 0.55%, respectively. Both the S&P 500 and the Nasdaq finished in record territory.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DHI | n.a. | n.a. | n.a. | n.a. |
SP500 | S&P 500 | 3841.47 | -11.60 | -0.30% |
I:COMP | NASDAQ COMPOSITE INDEX | 13543.061633 | +12.15 | +0.09% |
Biden signed 10 executive orders on Thursday to help slow the spread of COVID-19. That followed a flurry of demands issued on Wednesday which included extending a freeze on student loan payments and the eviction and foreclosure moratoriums for those impacted by COVID-19. Other measures including canceling the permit for the Keystone XL pipeline, re-entering the Paris climate agreement and stopping construction of the southern border wall, among other things.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
UAL | UNITED AIRLINES HLDG. | 42.14 | -0.45 | -1.06% |
Looking at stocks, United Airlines Holdings reported a fourth straight quarterly loss in the three months through December as the COVID-19 pandemic continued to snarl demand for air travel. The Chicago-based airline lost $7.1 billion in 2020 but said that while the next few quarters will be difficult, it foresees a return of travel and cost-cutting resulting in its 2019 profit margins being exceeded by 2023.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
BKS | n.a. | n.a. | n.a. | n.a. |
Baker Hughes Co. missed on revenue but beat on earnings and said it expects the energy market to bottom by the middle of this year.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
AAPL | APPLE INC. | 139.07 | +2.20 | +1.61% |
Elsewhere, the price target on Apple Inc. shares was raised to $152 from $144 at Morgan Stanley, which is anticipating record quarterly earnings and revenue from its upcoming report.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TSLA | TESLA INC. | 846.64 | +1.65 | +0.20% |
Tesla Inc. vehicle registrations in the state of California spiked 63% year over year in the fourth quarter, according to data from the research firm Cross-Sell. The increase in registrations was bolstered by demand for the Model Y crossover vehicle.
GM GETS ITS GROOVE BACK, DIVIDEND COULD RETURN SOON
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
GM | GENERAL MOTORS COMPANY | 55.40 | +0.32 | +0.58% |
In other auto news, General Motors missed its sixth record-high close this month. Optimism has been building around the company following a flurry of strategic moves.
In commodities, West Texas Intermediate crude fell 18 cents to $53.13 per barrel and gold slid 60 cents to $1,865.30 an ounce.
European markets were lower after the European Central Bank kept policy on hold with France’s CAC 40 falling 0.67% and Germany’s DAX 30 losing 0.11%. Britain’s FTSE 100 was down 0.37%.
In Asia, Hong Kong’s Hang Seng index slipped 0.12% while Japan’s Nikkei 225 rose 0.82% and China’s Shanghai index gained 1.07%.