Business & Investment

Dow Rocket Profit, Hope of Stimulation

Tuesday’s share price soared and rebounded from a turbulent week as investors backed on great returns from Goldman Sachs and another big stimulus and a faster pace of vaccine distribution.

The 30 Dow Jones Industrial Averages rose 112.12 points to 30,926.38.

The S & P 500 rose 17.73 points to 3,785.98.

NASDAQ scored 82.75 points at 13,081.25.

Goldman shares rose 1.5% after banks exceeded their earnings and earnings expectations in the fourth quarter. The explosive results were supported by the good performance of equity traders and investment bankers.

Bank of America was flat after recording lower-than-expected quarterly earnings. However, revenue was slightly higher than expected.

The strains that would most benefit from further stimulation and faster vaccine deployment led to profits. Both Norwegian Cruise Line and Royal Caribbean shares have risen by more than 1%. Boeing was up 2% and American Airlines was up 2.7%.

Some tech stocks have also rebounded from last week’s losses. Apple, Microsoft, Alphabet and Facebook all rose at least 1%.

Janet Yellen, who was appointed Secretary of the Treasury by President Joe Biden and former chairman of the Federal Reserve Board, will attend the Senate Finance Committee on Tuesday. Yellen’s prepared remarks call for the federal government to enact great stimuli to help the economy.

The US stock market closed on Monday to commemorate Martin Luther King Jr. Day.

The price of 10-year government bonds fell and the yield rose to 1.11%. Treasury prices and yields move in the opposite direction.

Oil prices rose 20 cents to $ 52.56 a barrel.

Gold prices rose $ 5.80 per ounce to $ 1,835.70.

Dow Rocket Profit, Hope of Stimulation

http://www.baystreet.ca/articles/market_updates_us.aspx?articleid=63540 Dow Rocket Profit, Hope of Stimulation

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