Global Market Square
Biden promises all American adults will have vaccines available by end of May; Target sales grow $15 billion; Wall Street closes with losses
The U.S. stock market closed with losses Tuesday, following the S&P 500’s biggest single-day gain since June only a day earlier. Some investors are voicing concerns over what appears to be inflated valuations, a train of thought that is affecting investor confidence.
On the corporate earnings bandwagon, Target Corp. (TGT) reported Tuesday it surpassed analysts’ expectations. Target’s 2020 sales growth was over $15 billion, the largest increase over the past 11 years. Overall sales grew 19.3%, with physical stores growing 7.2%, or $5 billion, and e-commerce sales growing 145%, or by $10 billion.
Total fourth quarter income reached $28.3 billion and net income for the quarter reached $1.8 billion. The retailer’s 2020 revenue was $92.43, a 19.8% rise, while net income was $6.5 billion, or 40.4% higher. Target closed Tuesday at $173.80, down $12.29, or 6.6%.
In the race to vaccinate against the novel coronavirus, Johnson & Johnson announced that it shipped four million vaccines this week and promised 100 million vaccines by June. The company is adding the much-needed vaccines to those already being shipped by Pfizer-BioNTech and Moderna.
The White House reported that 50 million Americans have received at least one vaccine shot, and President Biden announced that every adult American would have vaccines available by the end of May.
Wall Street Weekly summary for March 2, 2021:
- The Dow Jones Industrial Average closed at 31,391.52, down 143.99 points, or 0.46%.
- The Standard & Poor’s 500 closed at 3,870.29, down 31.53 points, or 0.81%.
- The Nasdaq Composite Index closed at 13,358.79, down 230.04 points, or 1.69%.
- The Birling Capital Puerto Rico Stock Index closed at 2,300.97, up 31.49 points, or 1.39%.
- The U.S. Treasury 10-year note closed at 1.42%
- The U.S. Treasury 2-year note closed at 0.13%.
Global Market Square is presented by Birling Capital.