Here are today’s market moves:
S&P 500 up 0.39% to 3,886.83
Dow Jones up 0.30% to 31,148.24
Nasdaq up 0.57% to 13,856.30
Gold: $1,810
Bitcoin: $37,767
US10Y: 1.167%
What Happened?
U.S. stocks climbed Friday after a weak U.S. jobs report boosted the likelihood of a massive coronavirus stimulus package gaining approval.
The S&P 500 gained 4.65% this week – its best week since early November
According to the Labor Department, U.S. employers added 49,000 workers in January. This figure was lower than expected, strengthening the case for President Joe Biden’s $1.9 trillion coronavirus relief package.
The unemployment rate fell to 6.3 percent, from 6.7 percent.
President Biden indicated that he’ll push for stimulus without Republican support, saying weak economy data shows the risk of doing “too little.”
GameStop shares hit a high of $483 last week but have since collapsed –the shares are now trading around $63.
The stock market’s gains in 2021 have been powered by positive earnings results from companies and optimism that the economy will soon return to normal as more vaccines are distributed. In addition, central banks have promised to keep interest rates low and additional stimulus is expected to arrive soon.
What Else?
This Week
Monday: Earnings expected from Nintendo and Warner Music Group.
Tuesday: Earnings expected from Amazon, Google, Alibaba, Chipotle, ExxonMobil, BP, Pfizer, and UPS; Reserve Bank of Australia’s policy decision released.
Wednesday: Earnings expected from PayPal, Spotify, and Sony.
Thursday: Weekly jobless claims; Earnings expected from Ford, Pinterest, Snap, and Clorox.
Friday: January U.S. payrolls report and unemployment rate released.