Major Indexes Close Higher Ahead of FAANG Earnings

House Democrats are working towards passing additional stimulus

Managing Editor
Feb 2, 2021 at 4:31 PM
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Major indexes closed higher on Tuesday, enjoying a relatively steady day of trading following last week's GameStop (GME) surge, which now has the videogame name in correction territory. Instead, investors kept major FAANG names and Dow components Alphabet (GOOGL) and (AMZN) in close range, with both tech giants due to report earnings this evening. The blue-chip index climbed a note-worthy 475 points for its best day since November, while the S&P 500 and Nasdaq posted respectable gains of their own.

Eyes are also on Washington, D.C., where House Democrats are working towards another stimulus plan, despite criticism from a handful of Republicans. President Joe Biden recently met with the latter group to discuss his proposed $1.9 trillion relief package. 

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

  • Bulls flock to gaming giant before earnings.
  • Don't miss the dividend news from this Chinese powerhouse.
  • Plus, BABA's big stumble; behind this delivery giant's latest surge; and the motorcycle name that just hit the brakes.

The Dow Jones Industrial Average (DJI - 30,687.48) surged 475.6 points, or 1.6% on the day. Goldman Sachs (GS) led the Dow components with a 4.5% rise, while IBM (IBM) paced the laggards, falling 0.9%.

Meanwhile, the S&P 500 Index (SPX - 3,826.31) added 52.5 points, or 1.4% for the day. The Nasdaq Composite (IXIC -13,612.78) closed up 209.4 points, or 1.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 25.56) lost 4.7 points, or 15.5% for the day.

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  1. Pfizer (PFE) revealed an updated timeline of May for the delivery of 200 million more doses of its Covid-19 vaccine, compared to its July estimate. By the end of 2021, the company expects to provide up to 2 billion doses worldwide. (CNBC)
  2. President Biden is anticipated to sign three immigration bills today, which will result in the creation of a task force to reunite families, restore the U.S. asylum system, and eradicate barriers placed to deter asylum seekers. (MarketWatch)
  3. Why Alibaba stock stumbled following its quarterly report.
  4. How pandemic-fueled deliveries gave UPS a leg-up
  5. Motorcycle stock hits the brakes after earnings.

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UVOL 2.2

Stronger U.S. Dollar, Weakening Silver Pummel Gold

Oil prices surged to their highest close in over a year on Tuesday, as investors remained hopeful the Organization of the Petroleum Exporting Countries (OPEC) would leave output levels unchanged after a meeting on Wednesday. Additionally, Saudi Arabia's unilateral output cut of 1 million barrels a day through March gave the commodity a boost. In response, March-dated crude added $1.21, or 2.3%, to settle at $54.76 a barrel.

Gold prices were substantially lower, on the other hand, dampened by a stronger U.S. dollar as well as silver's fall from grace. The white metal suffered a big drop when CME Group raised margin deposit requirements for trades, just a day after silver became the internet's latest target. As a result, April-dated gold fell $30.50, or 1.6%, to settle at $1,833.40 per ounce.



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