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Markets closed marginally higher on Wednesday to record third straight day of gains as investors’ confidence got a boost after a string of big names posted impressive quarterly results. Energy and communication stocks led the rally. The Dow and the S&P 500 closed in the green, while the Nasdaq finished in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 0.1% or 36.12 points to end the day at 30,723.60. This was the bluechip index’s eighth straight day of gains after registering its biggest percentage gain since Nov 16 on Tuesday.
The S&P 500 advanced 0.1% or 3.86 points to close at 3,830.17. Energy stocks and communication sectors were the biggest gainers on the index.
The Energy Select Sector SPDR (XLE) jumped 24.3%, while the Communication Services Sector SPDR (XLC) advanced 1.3%. Six of the 11 sectors of the benchmark index closed in positive territory. Shares of Exxon Mobil Corporation (XOM - Free Report) gained 3.9%. Exxon has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq declined less than 0.1% or 2.23 points to end at 13,610.54 points.
The fear-gauge CBOE Volatility Index (VIX) was down 10.37% to 22.91. A total of 13.97 billion shares were traded on Wednesday, lower than the last 20-session average of 15.6 billion. Advancers outnumbered decliners on the NYSE by a 1.47-to-1 ratio. On Nasdaq, a 1.62-to-1 ratio favored advancing issues.
Investors Shift Focus to Busy Earnings Week
The Dow and the S&P 500 registered their third-straight day of gains after volatility gripped markets last week. The gains were led by energy stocks after U.S. oil futures recorded their best show in a year. U.S. oil futures closed at a 12-month high of $55.69 per barrel.
Also, investors’ confidence got a boost from after the two tech giants Alphabet, Inc. (GOOGL - Free Report) and Amazon.com, Inc. (AMZN - Free Report) reported blowout earnings late on Tuesday. Amazon reported its all-time highest quarterly revenues of $125.56 billion, surpassing the symbolic $100 billion mark for the first time. The bullish sentiments continued to drive markets on Wednesday.
Also, Alphabet reported 23% jump in revenues following which the company’s shares rallied more than 7%.
Market Volatility Eases Further
The broader market is trying to recoup the losses suffered last week after an army of retail investors started trading shares in heavily sorted stocks. GameStop Corp (GME - Free Report) shares gained 2.7% after declining 70% in the past two days.
Investors also closely watched progress on the new coronavirus relief package from Congress. On Tuesday, the Senate voted 50-49 in favor of a debate on budget resolution for 2021. This now opens up all possibilities of President Joe Biden’s fiscal stimulus package to take the shape of law with any support from the republicans.
Economic Data
Private sector payrolls jumped surprisingly in January. Data from Automatic Data Processing (ADP - Free Report) showed 174,000 private sector jobs were added in January after declining 78,000 in December.
Also, impressive performance from the services sector helped the country economy. The Institute of Supply Management showed a reading of 58.7, stronger than expected and almost at its highest level in two years.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Image: Bigstock
Stock Market News for Feb 4, 2021
Markets closed marginally higher on Wednesday to record third straight day of gains as investors’ confidence got a boost after a string of big names posted impressive quarterly results. Energy and communication stocks led the rally. The Dow and the S&P 500 closed in the green, while the Nasdaq finished in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 0.1% or 36.12 points to end the day at 30,723.60. This was the bluechip index’s eighth straight day of gains after registering its biggest percentage gain since Nov 16 on Tuesday.
The S&P 500 advanced 0.1% or 3.86 points to close at 3,830.17. Energy stocks and communication sectors were the biggest gainers on the index.
The Energy Select Sector SPDR (XLE) jumped 24.3%, while the Communication Services Sector SPDR (XLC) advanced 1.3%. Six of the 11 sectors of the benchmark index closed in positive territory. Shares of Exxon Mobil Corporation (XOM - Free Report) gained 3.9%. Exxon has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq declined less than 0.1% or 2.23 points to end at 13,610.54 points.
The fear-gauge CBOE Volatility Index (VIX) was down 10.37% to 22.91. A total of 13.97 billion shares were traded on Wednesday, lower than the last 20-session average of 15.6 billion. Advancers outnumbered decliners on the NYSE by a 1.47-to-1 ratio. On Nasdaq, a 1.62-to-1 ratio favored advancing issues.
Investors Shift Focus to Busy Earnings Week
The Dow and the S&P 500 registered their third-straight day of gains after volatility gripped markets last week. The gains were led by energy stocks after U.S. oil futures recorded their best show in a year. U.S. oil futures closed at a 12-month high of $55.69 per barrel.
Also, investors’ confidence got a boost from after the two tech giants Alphabet, Inc. (GOOGL - Free Report) and Amazon.com, Inc. (AMZN - Free Report) reported blowout earnings late on Tuesday. Amazon reported its all-time highest quarterly revenues of $125.56 billion, surpassing the symbolic $100 billion mark for the first time. The bullish sentiments continued to drive markets on Wednesday.
Also, Alphabet reported 23% jump in revenues following which the company’s shares rallied more than 7%.
Market Volatility Eases Further
The broader market is trying to recoup the losses suffered last week after an army of retail investors started trading shares in heavily sorted stocks. GameStop Corp (GME - Free Report) shares gained 2.7% after declining 70% in the past two days.
Investors also closely watched progress on the new coronavirus relief package from Congress. On Tuesday, the Senate voted 50-49 in favor of a debate on budget resolution for 2021. This now opens up all possibilities of President Joe Biden’s fiscal stimulus package to take the shape of law with any support from the republicans.
Economic Data
Private sector payrolls jumped surprisingly in January. Data from Automatic Data Processing (ADP - Free Report) showed 174,000 private sector jobs were added in January after declining 78,000 in December.
Also, impressive performance from the services sector helped the country economy. The Institute of Supply Management showed a reading of 58.7, stronger than expected and almost at its highest level in two years.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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