Current market benchmarks are poised for the best weekly gain in months as investors await monthly labor reports on Wall Street this morning.
The Dow Jones rose 149 points (0.5%) now sitting at 31,099. The S&P 500 had a similar bump of 19.65 points (0.5%) up to 3,884. Nasdaq-100 futures climbed 49 points (0.4%) to rest at 13,596.50.
High earnings reports from American corporations (Amazon, Google) have been pushing this drive in the market, as fears of market correction over the r/wallstreetbets revolt now give way to fresh gains for the stock market. The push to pass President Biden’s $1.9 Trillion stimulus bill has also contributed to the overall success of the market over this past week.
Economists are predicting a climb in jobs of roughly 50,000 to 100,000, based on a lack of movement in the unemployment rate, which is hovering around 6.7%. This gain would help alleviate the roughly 140,000 jobs that were lost in December, the largest drop in employment since the beginning of the COVID-19 pandemic.
Treasury Secretary Janet Yellen said that “regulators would ensure investor protection” on the heels of the GameStop (GME) stock squeeze. GME is currently down 42.11% this morning.
Robinhood has lifted all of its trading limitations on the GME and AMC shares, signaling that the market frenzy has died down significantly. AMC is also down this morning by 20.96%.
At close yesterday, the US Dollar Index (DXY) rose by 0.4%. Gold futures slumped slightly, falling 2.4% down to $1,791.20 an ounce.
Oil futures continued their climb from yesterday morning, finishing out the day up 1%, brining the price per barrel to $56.23 on the New York Mercantile Exchange.
The Stoxx 600 Europe had a modest gain of 0.5% by close yesterday, while London’s FTSE 100 had flat earnings. Asia’s Shanghai Composite dropped by 0.4%, with Hong Kong’s Hang Seng Index sliding down 0.7%. Japan’s Nikkei fell even further, down 1.1% at close yesterday.
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