Ken Leone, director of CFRA, discusses his expectations for the year in terms of earnings growth.
U.S. stock markets acted Tuesday during President Trump’s last full day in office, while traders awaited the testimony of Treasury nominee Janet Yellen’s testimony about the Senate on Capitol Hill.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 30935.86 | +121.60 | + 0.39% |
| SP500 | S&P 500 | 3788.15 | +19.90 | + 0.53% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13097.36617 | +98.86 | + 0.76% |
The Dow Jones industrial average averaged 250 points, or 0.81%, in the first minutes of trading, while the S&P 500 and Nasdaq Composite rose 0.79% and 1.02% respectively. The major averages closed Monday in line with Martin Luther King Jr. Day.
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Yellen, the former chair of the Federal Reserve, will appear before the Senate Finance Committee on Tuesday for her confirmation hearing. Yellen will say Congress needs to take “major action” to combat the economic slowdown caused by the COVID-19 pandemic, including expanding more assistance to families and providing extra money to speed up the distribution of vaccines.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| GS | GOLDMAN SACHS GROUP INC. | 297.12 | -4.04 | -1.34% |
| BAC | BANK OF AMERICA CORP. | 32.65 | -0.36 | -1.11% |
In equities, Goldman Sachs Group reported strong quarterly results strengthened by the continued strength in trading and trading. The annual investment bank income reached a record while trading income was the strongest in a decade.
Bank of America reported a quarterly profit that exceeded estimates, but revenue fell too little. The board of directors has announced a $ 3.2 billion repurchase plan.
BID TRILLION DOLLAR EXPENDITURE CAN RECOVER INFLATION UNTIL SIN ’08 CRISIS
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| WMT | WALMART INC. | 143.48 | -1.17 | -0.81% |
| WU | WESTERN UNION | 22.58 | +0.65 | + 2.96% |
According to the companies, Walmart will offer services in 4,700 stores worldwide in Western Union.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| LITE | LUMENTUM HOLDINGS | 94.08 | -12.24 | -11.51% |
| COHR | COHERENT | 203.10 | +51.15 | + 33.66% |
Lumentum Holdings has agreed to acquire laser manufacturer Coherent Inc. for $ 5.7 billion in cash and stock. Cohesive shareholders receive $ 100 cash and 1,1851 shares of Lumentum shares for every cohesive stock they own.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| TSLA | TESLA INC. | 842.31 | +16.15 | + 1.95% |
Elsewhere, Tesla Inc. delivered its first manufactured model Y crossover vehicle.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 38.04 | +2.54 | + 7.17% |
GameStop Corp. shares rose for the third time in four sessions as short sellers continued to move to the exit. Shares rose 78% in the three trading sessions to Friday.
In commodities, West Texas Intermediate crude rose 56 cents to $ 52.92 a barrel and gold climbed $ 8.50 to $ 1,838.40 an ounce.
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The DAX 30 in Germany increased the rise in Europe, by 0.3%, while the British FTSE 100 was 0.12% higher and the French CAC 40 was 0.08 higher.
Asian markets ended mixed with China’s Shanghai Composite sliding by 0.83%, while the Japanese Nikkei 225 rose by 1.39% and Hang Seng in Hong Kong by 2.7%.