Here are today’s market moves:
S&P 500 up 0.17% to 3,916.38
Dow Jones down 0.023% to 31,430.70
Nasdaq up 0.38% to 14,025.77
Gold: $1,825
Bitcoin: $47,116
US10Y: 1.168%
What Happened?
The S&P 500 and Nasdaq Composite closed the day at record highs after a volatile trading day.
Investors are wagering that President Biden’s $1.9 trillion stimulus package will help boost the economy.
Some investors are concerned that valuations are stretched based on traditional metrics like price to earnings ratios.
On the other hand, some analysts say that the bearish view does not take into account the effects of low interest rates, which increase the future earnings of companies. The Federal Reserve has made it clear that it plans to keep interest rates low through at least 2023.
Despite the rollout of coronavirus vaccines and a decline in cases, scores of workers are still losing their jobs.
Around 800,000 people applied for U.S. unemployment benefits in early February. Initial jobless claims filed fell by 19,000 to 793,000 in the seven days ended Feb. 6, the government said Thursday.
MasterCard said that it is preparing to support cryptocurrencies directly on its network in 2021.
What Else?
This Week
Monday: Earnings expected from Chegg and Hasbro.
Tuesday: Earnings expected from Cisco, Canopy Growth, DuPont, Lyft, and Twitter.
Wednesday: Earnings expected from Coca-Cola, GM, Uber, Under Armour, and Zynga; Federal Reserve Chair Jerome Powell to speak on a webinar; The U.S. consumer price index released.
Thursday: Weekly jobless claims; Earnings expected from AstraZeneca, Cloudflare, Datadog, Disney, Kellog’s, Kraft Heinz, and PepsiCo.
Friday: Earnings expected from Dominion Energy.