Stocks End First Week of 2021 With Weekly Wins, Record Closes

$2,000 stimulus checks are already in debate

Deputy Editor
Jan 8, 2021 at 4:30 PM
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The Dow finished the first trading Friday of 2021 at an all-time closing high, adding over 56 points despite spending most of the session in the red thanks to a disappointing jobs report for December. Investor sentiment remains buoyed by the possibility of additional stimulus ahead, following the Democratic victory in the Georgia runoff election mid-week. Some of yesterday's stimulus optimism, however, has been dampened by Democratic Senator Joe Manchin's comments that he will "absolutely not" support a $2,000 stimulus check.

Meanwhile, the S&P 500 waffled at the breakeven for most of the day before eventually closing higher, while the Nasdaq Composite also finished the session with a sizable win. Both indexes managed to snag record closes while all three major indexes nabbed weekly wins. 

Continue reading for more on today's market, including:

  • How Pinterest stock helped Schaeffer's subscribers quadruple their money in 2020. 
  • A look at several cannabis stocks already making waves in 2021. 
  • Plus, one software stock's post-earnings highs; unpacking Boeing's settlement drama; and Target stock surges in 2021. 

The Dow Jones Industrial Average (DJI - 31,097.97) added 56.8 points, or 0.2% on Friday, with a 1.6% gain for the week. Sixteen of the Dow components finished higher, with Coca-Cola (KO) taking the lead with a 2.2% surge, while 3M (MMM), once again, fell to the bottom of the 14 losers, down 1.8% for the day. 

Meanwhile, the S&P 500 Index (SPX - 3,824.68) was up 20.9 points for the day, or 0.5%, with a weekly win of 1.8%, and the Nasdaq Composite (IXIC - 13,201.97) added 134.5 points, or 1%, with a weekly win of 1%.

Lastly, the Cboe Volatility Index (VIX - 21.56) lost 0.8 points, or 3.6% for the day, and 5.2% for the week. 

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  1. A U.S. Justice Department official said that President Donald Trump will not be criminally charged for inciting Wednesday's attempted coup at the Capitol. (CNBC)
  2. Travel restrictions are tightening in Europe as Covid-19 cases continue to spread at an alarming rate. England will now require testing from all incoming travelers, while France has kept its restrictions on U.K. travelers steady for the foreseeable future. (MarketWatch) 
  3. This software stock just nabbed fresh highs after an upbeat earnings report. 
  4. Behind Boeing's billion-dollar settlement. 
  5. How Target stock entered 2021 on the right foot.  

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Oil Clocks Solid Weekly Gains to Trade at Annual High

Oil hit its highest level in almost a year today, clocking a 7.7% one-week gain, bolstered by Saudi Arabia's decision to slash its production output, made earlier this week. For the day, February-dated crude added $1.41 cents, or 2.8%, to settle at $52.24 per barrel. 

Gold prices ended the week on a sour note, suffering their biggest one-day loss in nearly two months. The commodity has weakened in recent sessions due to rising U.S. government bond yields, and a strengthening dollar. February-dated gold shed $78.20, or 4.1% for the day, to settle at $1,835.40 an ounce, and fell over 4% for the week. 

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