Global Market Square
The U.S. stock markets closed with losses during an active trading session that had initially set record highs before losing steam.
Investor sentiment shifted after the jobs report, which showed a significant rise in initial claims for unemployment insurance. The numbers rose dramatically, to 965,000, from 784,000, a 23.09% increase. One year ago, this number of claims was 212,000, or 355.2% fewer.
The much worse than expected coronavirus case surge and business restrictions have all but destroyed the pace of economic growth.
Finally, President-Elect Joe Biden will present Thursday his $1.9 trillion spending package to combat the Covid-19 pandemic and its impact on the economy. The focus will be on a massive vaccination program and testing.
The Biden announcement will determine the tone and sentiment for Wall Street for the coming months.
Wall Street summary for January 14, 2021:
- The Dow Jones Industrial Average closed 30,991.52, down 68.95 points, or 0.22%.
- The Standard & Poor’s 500 closed at 3,795.54, down 14.3 points, or 0.38%.
- The Nasdaq Composite Index closed at 13,128.95, down 16.31 points, or 0.12%.
- The Birling Capital Puerto Rico Stock Index closed at 2,158.33, down 44.56 points, or 2.03%.
- The U.S. Treasury 10-year note closed at 1.15%
- The U.S. Treasury 2-year note closed at 0.16%
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