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Ken Leone, CFRA director of equity research, discusses his expectations for the year in terms of earnings growth.
U.S. equity markets rallied on Tuesday in President Trump’s last full day in office as traders awaited Senate testimony from Treasury Secretary candidate Janet Yellen on Capitol Hill.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 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 opening minutes of trading while the S&P 500 and the Nasdaq Composite were up 0.79% and 1.02%, respectively. The main averages were closed on Monday as part of Martin Luther King Jr. Day.
Photo by Alex Wong / Getty Images
Yellen, the former Federal Reserve chairperson, will appear before the Senate Finance Committee on Tuesday for her confirmation hearing. Yellen will say Congress must “act big” to tackle the economic downturn caused by the COVID-19 pandemic, including expanding more aid to families and providing additional funds to speed up vaccine distribution.
| Teleprinter | security | Latest | 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 equities, Goldman Sachs Group reported strong quarterly results, supported by continued strength in trading and trading. Annual investment banking income hit a record high, while trading income was the highest in a decade.
Bank of America reported quarterly profit that exceeded estimates, but revenues were lower. The company’s board of directors announced a $ 3.2 billion share repurchase plan.
BIDEN DOLLAR TRILLION SPENDING MAY RESET INFLATION MISSING SINCE 2008 CRISIS
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| WMT | WALMART INC. | 143.48 | -1.17 | -0.81% |
| WU | WESTERN UNION | 22.58 | +0.65 | + 2.96% |
According to the companies, Walmart will begin offering Western Union services in 4,700 stores around the world.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| LIGHTWEIGHT | LUMENTUM HOLDINGS | 94.08 | -12.24 | -11.51% |
| COHR | COHERENT | 203.10 | +51.15 | + 33.66% |
Lumentum Holdings has agreed to buy laser maker Coherent Inc. for $ 5.7 billion in cash and stock. Coherent shareholders will receive $ 100 in cash and 1.1851 Lumentum shares for each Coherent share they own.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| TSLA | TESLA INC. | 842.31 | +16.15 | + 1.95% |
Elsewhere, Tesla Inc. delivered its first China-made Model Y crossover vehicle.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 38.04 | +2.54 | + 7.17% |
The actions of GameStop Corp. rose for the third time in four sessions as short sellers continued to move towards the exit. The shares had gained 78% in the three trading sessions through Friday.
In commodities, West Texas Intermediate crude oil climbed 56 cents to $ 52.92 per barrel and gold climbed $ 8.50 to $ 1,838.40 per ounce.
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The German DAX 30 accelerated the advance in Europe, up 0.3%, while the UK FTSE 100 rose 0.12% and the French CAC 40 edged up 0.08.
Asian markets finished mixed, with China’s Shanghai Composite slipping 0.83%, while Japan’s Nikkei 225 rose 1.39% and Hong Kong’s Hang Seng added 2.7%.
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