CFRA’s stock research director Ken Leone discusses his expectations for the year in terms of earnings growth.
U.S. stock markets rebounded on Tuesday on President Trump’s last full day in office, while traders awaited deposition from the Senate nominee by Treasury Secretary Janet Yellen on Capitol Hill.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 30935.86 | +121.60 | + 0.39% |
| SP500 | S&P 500 | 3788.15 | +19.90 | + 0.53% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13097.36617 | +98.86 | + 0.76% |
The Dow Jones Industrial Average gained 250 points, or 0.81%, in the first minutes of trading, while the S&P 500 and Nasdaq Composite advanced 0.79% and 1.02%, respectively. The main averages were closed on Monday in celebration of Martin Luther King Jr. Day.
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Yellen, a former Federal Reserve chairman, will appear on the Senate Finance Committee on Tuesday for his confirmation hearing. Yellen will say that Congress needs to “act on a large scale” to combat the economic slowdown caused by the COVID-19 pandemic, including more aid to families and additional money to streamline the distribution of vaccines.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| GS | GOLDMAN SACHS GROUP INC. | 297.12 | -4.04 | -1.34% |
| BAC | BANK OF AMERICA CORP. | 32.65 | -0.36 | -1.11% |
In stocks, Goldman Sachs Group reported strong quarterly results that were supported by continued strength in trading and negotiation. Investment bank annual revenue hit a record high, while commercial revenue was the strongest in a decade.
Bank of America reported quarterly earnings that exceeded estimates, but revenue fell short. The company’s board of directors announced a $ 3.2 billion share buyback plan.
BIDEN EXPENSES OF TRILLION DOLLARS CAN RESTORE THE LACK OF INFLATION SINCE THE 2008 CRISIS
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 143.48 | -1.17 | -0.81% |
| WU | WESTERN UNION | 22.58 | +0.65 | + 2.96% |
In the negotiations, Walmart will begin offering Western Union services in 4,700 stores worldwide, according to the companies.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| LIGHT | LUMENTUM HOLDINGS | 93.89 | -12.43 | -11.69% |
| COHR | COHERENT | 202.79 | +50.84 | + 33.46% |
Lumentum Holdings has agreed to buy laser maker Coherent Inc. for $ 5.7 billion in cash and shares. Coherent shareholders will receive $ 100 in cash and 1.1851 shares of Lumentum for each Coherent share they own.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 841.00 | +14.84 | + 1.80% |
Elsewhere, Tesla Inc. delivered its first Chinese-made model Y crossover vehicle.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 38.14 | +2.65 | + 7.45% |
GameStop Corp. shares they went up a third time in four sessions, as short sellers continued to head for the exit. The shares rose 78% in the three trading sessions until Friday.
In commodities, West Texas Intermediate crude rose 56 cents to $ 52.92 a barrel and gold rose $ 8.50 to $ 1,838.40 an ounce.
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Germany’s DAX 30 followed the advance in Europe, up 0.3%, while Britain’s FTSE 100 was 0.12% higher and France’s CAC 40 rose 0.08.
Asian markets ended up mixed with China’s Shanghai Composite falling 0.83%, while Japan’s Nikkei 225 rose 1.39% and Hong Kong’s Hang Seng rose 2.7%.