Global Market Square
The U.S. stock market ended Friday’s session with losses; however, all indices ended the week with gains. The Dow Jones rose 182.72 points, the S&P 500 rose 73.22, the Nasdaq Composite rose 544.56 to close the presidential inauguration week in positive territory.
President Joe Biden’s statement provided a view that the Covid-19 pandemic was worsening, evidenced by the increase in cases and stumbling vaccine roll-out; this altered the investor sentiment at the end of the week.
There is a discussion that the $1.9 trillion “bazooka” stimulus package can be put on a diet in Congress, and in such a scenario, skeptics are saying Biden may not be able to obtain enough votes for the bill to pass. Assuming the total $2.8 trillion stimulus bill passes, the U.S. economy will see a growth of over 3% during the first quarter,
Meanwhile, U.S. Existing Home Sales rose to 6.76 million, up from 6.71 million last month, or 0.75%, and up from 5.53 million one year ago.
Wall Street summary for January 22, 2021,
- The Dow Jones Industrial Average closed at 30,996.98, down 179.03 points, or 0.57%.
- The Standard & Poor’s 500 closed at 3,841.47, down 11.60 points, or 0.30%.
- The Nasdaq Composite Index closed at 13,543.06, up 12.15 points, or 0.09%.
- The Birling Capital Puerto Rico Stock Index closed at 2,149.30, down 45.71 points, or 2.08%.
- The U.S. Treasury 10-year note closed at 1.10%.
- The U.S. Treasury 2-year note closed at 0.13%.
Global Market Square presented by Birling Capital Advisors.