© Reuters.
By Geoffrey Smith
Investing.com – The US stock markets opened with new records again on Friday, set to end a remarkable week on the rise, despite the drama in Washington DC and the weaker job market report in eight months.
At 9:40 am ET (1440 GMT), it rose 76 points, or 0.2%, to 31,117 points. The rate rose 0.4% and the rate rose 0.7%. All three closed on records again on Thursday.
The market jumped, showing that the economy lost 140,000 jobs in December. The development was largely anticipated following the report by the private payroll processor ADP on Wednesday, and market participants were eased by a major upward revision in November hiring numbers. The unemployment rate was 6.7% of the workforce.
The risks to the economy of a sharp rise in unemployment appear to have been reduced in the short term with the Democrats’ victory in Georgia’s two Senate run-off elections. His consequent control of the upper house means that Joe Biden’s next administration will have less resistance to restoring the earnings of those who are unemployed due to Covid-19. BlueBay Asset Management’s chief investment officer, Mark Dowding, said he expects between $ 1 and $ 2 trillion in extra tax spending, which is expected to raise the outlook for GDP this year.
In addition, Dowding added, Democrats’ narrow margin of control in Congress means “it is unlikely that many of the more expansive or radical aspects of Biden’s agenda will see the light of day.”
“Increased regulation in the energy, banking and large technology sectors is likely to be mitigated in the face of opposition at the state level,” said Dowding.
Tesla’s shares (NASDAQ 🙂 increased 4.4%, adding another $ 30 billion to its market value without any news flow beyond the steady rise of analysts’ price targets, all of which remain comfortably below the current price. View. His market value exceeded $ 800 billion for the first time, consolidating the new position of founder Elon Musk as the richest man in the world.
Meanwhile, Apple (NASDAQ 🙂 shares rose 0.6% after a curious flurry of press releases from Korean automaker Hyundai Motor (OTC :), which was forced to back down overnight to claims it had conducted initial negotiations on cooperation with the iPhone manufacturer in the automotive sphere.
Several news reports have suggested that the company is stepping up its efforts to develop an autonomous, electric-powered car, a project that the company appeared to have put in the background a few years ago. Quantumscape (NYSE :), whose research into solid-state batteries has led to speculation that it could be Apple’s partner in such a venture, made a 0.5% gain.
Plug Power (NASDAQ 🙂 Shares rose another 13% with sustained enthusiasm after South Korea’s SK Group agreed to invest $ 1.5 billion in a joint venture with the hydrogen fuel cell developer earlier in the week. The company is still unprofitable after 20 years, but its market value has increased by almost 100% last month, to more than $ 20 billion.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of relying on information, including data, quotes, charts and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading in the financial markets, it is one of the most risky forms of investment possible.