Market Continues to Climb in the Wake of Tech Success and Oil Gains

Wall Street continues to boast modest gains on the heels of Amazon and Google’s earnings reports on Wednesday. 

The Dow Jones rose by 36.12 points (0.1%) by the closing bell, marking the third day of gains for the industrial average. The S&P 500 followed suit, with a bump of 3.86 points (0.1%). The Nasdaq fell by 2.23 points (<0.1%) but is only 0.2% off of its record high reached on January 25.

The energy market is on the rise, with oil moving to a 12-month high of $55.69 per barrel on Wednesday. This increase has been due to higher demand for vaccines as well as resistance to the Keystone XL Pipeline Project from President Biden office.

Amazon and Google have pushed corporate earning season into high gear with their above-expectations earnings report. Google is up 7.4% since close of market Wednesday. After Bezos announced his departure from the CEO, Amazon fell 2% on Wednesday.

The rest of the market has seen slightly less initial punch from this due to a squeeze on smaller stocks like GameStop (GME). GME has fallen by over 70% in the past two days compared to its massive gains last week, but is up 2.7% from Tuesday to Wednesday.

Investors predict an upturn in economic growth in response to President Biden’s proposed $1.9 Trillion stimulus, which is currently being debated in Congress.

The US Dollar Exchange (DXY) was slightly lower on Wednesday at 91.13. Gold saw a small gain of 0.1%, suggesting that precious metals have been oversold, while silver continued its climb, up 1.8% on Wednesday.

European markets were a mixed bag, with the Stoxx 600 climbing by 0.3% and the London FTSE falling by 0.1%. Asian markets had a harder time, with the Shanghai Composite closing out Wednesday 0.5% lower. The Hong Kong Hang Sang Index (HSI) rose slightly by 0.2%, with the Japanese Nikkei advanced by 1%.

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