Share Prices & Company Research

Market News

08 Feb 2021 | 15:30

US open: Stocks extend record-breaking rally

(Sharecast News) - Wall Street stocks extended last week's rally early on Monday as the Dow Jones and S&P 500 continued on their longest daily winning streaks since August as market participants remained optimistic about further Covid-19 stimulus.

As of 1530 GMT, the Dow Jones Industrial Average was up 0.61% at 31,336.93, while the S&P 500 was 0.51% firmer at 3,906.69 and the Nasdaq Composite came out the gate 0.61% stronger at 13,941.37.

The Dow opened 188.69 points higher on Monday, extending gains recorded in Friday's session that also saw the S&P 500 closed at a record high.

Corporate earnings will be in focus again this week, with the likes of Cisco, Twitter, Yelp, Uber, MGM, Mattel, GM, Coca-Cola and Disney all set to report over the next five days.

Loews said on Monday that it had swung to a full-year loss of $931.0m, while toymaker Hasbro reported $1.0bn in e-commerce sales for 2020 as a whole.

After the close, video games publisher Take-Two Interactive will report its latest quarterly earnings.

Turning to the Covid-19 pandemic itself, the US has now recorded more than 27.61m total cases of the coronavirus, claiming the lives of more than 474,930 Americans in the process.

Treasury Secretary Janet Yellen implored Congress to pass President Joe Biden's Covid-19 stimulus package over the weekend, stating the US could return to full employment by 2022 if it did so. Both the Senate and House passed a budget resolution on Friday, starting a reconciliation process that would allow the President's $1.9trn rescue package to be pushed through the Democratic-held Senate thanks to an easy majority.

Bitcoin was also drawing an amount of investor attention as the cryptocurrency's price shot up to an all-time high of more than $44,000 after Tesla revealed it had bought $1.5bn worth of the digital asset and vowed to shortly accept it as a payment method for its vehicles.

On the macro front, January consumer inflation expectations will be published at 1600 GMT, while Federal Reserve Bank of Cleveland president Loretta Mester will deliver comments at 1700 GMT.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 14th May 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.