Stock Market News for Jan 26, 2021
U.S. stock markets closed mostly higher on Monday after President Joe Biden revealed a plan to boost domestic manufacturing. Moreover, investors also remained watchful of the progress of the new stimulus bill proposed by the President. The S&P 500 and the Nasdaq Composite ended the day in green while the Dow closed the day in red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1%, closing at 30,960.00, continuing its three-day losing streak. Notably, 15 components of the 30-stock index ended in red while 15 finished the day in green.
The tech-heavy Nasdaq Composite closed the day at 13,635.99, up 0.7%, notching another record high, on the back of strong performance by large-cap technology stocks. During intraday trading, the Nasdaq recorded an all-time high of 13,728.98. Shares of technology giants like Apple Inc AAPL, Microsoft Corp. MSFT and Facebook, Inc. FB rose 2.8%, 1.6% and 1.3%, respectively. Notably, Apple and Facebook carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 rose 0.4%, closing the day at 3,855.36, a record high, reversing its losses from Friday. The Utilities Select Sector SPDR (XLU) and the Consumer Staples Select Sector SPDR (XLP) advanced 2% and 1%, respectively. Notably, seven out of eleven sectors of the benchmark index closed in the positive zone and four in red.
The fear-gauge CBOE Volatility Index (VIX) was up 5.8% to 23.19. A total of 16.37 billion shares were traded on Monday, higher than the last 20-session average of 13.21 billion. Decliners outnumbered advancers on the NYSE by a 1.33-to-1 ratio. On Nasdaq, a 1.12-to-1 ratio favored declining issues.
President Reveals Plan to Boost Domestic Manufacturing
Wall Street moved mostly higher on Monday after President Joe Biden revealed his plan to increase the amount of U.S.-made goods to be bought by federal government agencies. Notably, the plan aims to boost manufacturing in the U.S.
Investors Remain Watchful of More Fiscal Stimulus
Investors also remained monitored the progress of the additional $1.9 trillion fiscal relief package proposed by President Joe Biden. Notably, the President will require consensus from Congress for the additional spending.
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