Drew Angerer / Getty images
- US stocks closed at a record high on Friday after President-elect Joe Biden demanded trillions of dollars in immediate fiscal support after the weaker-than-expected job report.
- American companies eliminated 140,000 non-farm payrolls last month, missing estimates by consensus economists who predicted an additional 50,000 jobs.
- Watch the update of the main live indices here.
US stocks closed at record highs on Friday to end the first week of trading in 2021. After the market reversed the midday low, stocks rebounded with President-elect Joe Biden demanding trillions of dollars in support immediate fiscal, citing the weaker-than-expected job report. The Dow Jones industrial average and the S&P 500 closed at record highs.
President-elect Biden called for increased direct payments to individuals after the United States saw payrolls drop for the first time since April.
American companies eliminated 140,000 non-farm payrolls last month, the Bureau of Labor Statistics said on Friday. The reading is weaker than estimates by consensus economists, who predicted 50,000 job additions, according to data from Bloomberg.
This is where the US indices were on the 16:00 ET market which ended on Friday:
Read More: A growth fund manager who has defeated 96% of his peers in the past 5 years shares 6 actions that he sees ‘dominating his space’ in the next 5 to 10 years – including 2 that he thinks could grow 100%
BioNTech jumped 7% on Friday after a study was published showing that its COVID-19 vaccine is effective against a mutant strain of COVID-19 that has been found in the UK in recent weeks.
Software provider Enterprise AI C3.ai saw a 5% increase on Friday, as the company continues its historic post-IPO run. Since its public debut in early December, C3.ai has been one of the best performing companies in the market, more than quadrupling in value, with shares now around $ 140.
Gold fell 4.5% to $ 1,828.35 at intraday lows. The US dollar strengthened against all currencies in the Group of 10, while 10-year Treasury yields rose further above 1%, which has not been the case since March.
Oil prices have risen amid declining US stocks. West Texas Intermediate crude rose 3.8% to $ 52.74 a barrel. Brent crude, the international benchmark for oil, rose 3.6% to $ 56.31 a barrel on intraday highs.
Read More: BANK OF AMERICA: Buy these 8 US stocks that are set to fire in the first quarter of 2021- and avoid these 2 at all costs