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With the economic recovery, the gradual deceleration of the epidemic and the imminent introduction of stimulus policies, financial and energy stocks pushed the market higher on Friday (12). The index was up 1.32%, a total for this week, thanks to Biden’s solution to The Token Shortage. The top three indices rose more than 1% and set new highs one after another.
The US stock earnings week is drawing to a close, and most companies are doing better than expected, indicating that corporate fundamentals are on the rebound. According to FactSet statistics, about three Quarters of the stocks in the S&P 500 Index are better than market expectations.
The economic recovery and large-scale vaccination are optimistic to stabilize the recent market sentiment. The S&P 500 Volatility Index and VIX Market Panic Index fell 6.02% on Friday to close at 19.97, returning to the pre-outbreak level in late February. 2020.
On the political and economic front, Democrats in the US House of Representatives approved a $ 940 billion bailout deal Thursday, which included cash checks to pay millions of Americans $ 1,400 and other measures it opposes. the Republican Party.
Additionally, US Treasury Secretary Janet Yellen called on countries to provide more financial support in an online meeting with G7 finance ministers and central bank governors to continue the momentum of the economic recovery.
The global epidemic of new corona pneumonia (COVID-19) continues to spread. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide has exceeded 108 million, and the number of deaths is almost 2.38 million .
The United States has a total of 27.48 million confirmed cases and the cumulative number of deaths exceeds 480,000. However, thanks to widespread vaccination, the epidemic in the United States is slowing down. According to data from the Covid Tracking Project, the current average number of recently confirmed cases in 47 states in the United States is 7 days. The value is decreasing.
Currently, vaccination in the US has exceeded the schedule planned by Biden’s 100-day 100-million-dose 100-day plan and has reached an additional 200 million doses from the crown’s new vaccine purchase agreement. with Pfizer and Moderna. The total number of vaccines will be enough to supply the United States as early as the end of July. More than 100 million people were vaccinated.
Friday (12) the performance of the four main US stock indices:
- The Dow Jones index rose 27.7 points, or 0.10%, to close at 31,458.40 points.
- The S&P 500 Index rose 18.45 points, or 0.50%, to close at 3,934.83 points.
- The Nasdaq index rose 69.7 points, or 0.5%, to close at 14,095.47 points.
- The Philadelphia Semiconductor Index rose 39.03 points, or 1.23%, to close at 3,219.87 points.
Focus actions
The five kings of science and technology closed with small advances. Apple (AAPL-US) rose 0.18%; Facebook (FB-US) rose 0.04%; Alphabet (GOOGL-US) was up 0.30%; Amazon (AMZN-US) was up 0.48%; Microsoft (MSFT-US) was up 0.20%.
The constituent shares of the Dow Jones rose more and fell less. Intel (INTC-US) was up 1.90%; JPMorgan Chase (JPM-US) rose 1.42%; United Health (UNH-US) fell 1.45%; Goldman Sachs (GS-US) rose 1.32%; Disney (DIS-US) fell 1.70%.
Fei’s semicomponent shares rose sharply, with nearly 60% rising more than 1%. Semiconductor tester Teradyne (TER-US) was up 5.46%; Micron (MU-US) was up 1.77%; Applied Materials (AMAT-US) was up 3.27%; Qualcomm (QCOM-US) was up 1.66%; AMD (AMD) -US) was up 1.20%; NVIDIA (NVDA-US) fell 1.90%.
Taiwan ADR shares are only closed to TSMC. TSMC ADR (TSM-US) fell 0.79%; ASE ADR (ASX-US) rose 0.46%; UMC ADR (UMC-US) was up 1.70%; Chunghwa Telecom ADR (CHT-US) was up 0.08%.
Stock Market News
Disney (DIS-US) announced its latest quarterly financial report. Although the streaming platform business continues to grow, its revenue from the parks business has fallen by $ 2.6 billion due to the worsening winter epidemic. There is no exact timetable for the restart of the park. Five shares fell 1.70%.
Benefiting from the economic recovery expected to further boost US bond yields, financial stocks rose sharply on Friday, with Wells Fargo (WFC-US) rising 2.44%, JPMorgan Chase (JPM-US) rising 1 , 42% and Goldman Sachs (GS-USA) There was also an increase of 1.32%.
The state of Nevada in the United States officially announced that due to the gradual slowdown of the epidemic, the capacity of all restaurants and pubs equal to the facilities stores will increase to 35%, which will encourage hotel stocks to rise on Friday. Wynn Resorts (WYNN -US) was up 2.85%, Caesars (CZR-US) was up 2.26% and MGM-US (MGM-US) was up 1.78%.
Also, although OPEC lowered its forecast for crude demand on Thursday, energy stocks returned to the market on Friday. Oil leader Exxon Mobil (XOM-US) was up 1.34%, Chevron was up 0.58%, Hess (HES-US) was up 3.57%, while Cabot Oil & Gas (COG-US) was up 4 , 71%.
Google, Microsoft and Qualcomm protested the acquisition of Arm from NVIDIA on Friday, believing the acquisition will disrupt competition in the key technology industry, requiring US regulators to intervene in investigations, prompting the share price of NVIDIA fell 1.90% on Friday.
Economic data
- The initial value of the US Consumer Confidence Index in February was reported at 76.2, with the expected value of 80.8 and the previous value of 79.
Wall Street Analysis
Thomas Hayes, chairman of hedge fund Great Hill Capital, said that in the current environment of rising U.S. bond yields and accelerating economic growth, the market underestimates the lagging effect of all funds in the system, and Stocks of value and prosperity will outperform the market. .
In addition to the economic recovery and vaccines, Jonathan Golub, Credit Suisse’s senior equity strategist in the US, believes the outstanding performance of corporate earnings is also one of the reasons for the recent surge. He said that as of Thursday, the EPS of the US stock market in the fourth quarter has exceeded the level of the same period last year, and mobile EPS is expected to reach a record level in the second level.
However, the continued rise in yields has also caused some investors to worry that hot money from the stock market may be transferred to the bond market. Johan Grahn, head of strategy at Allianz Investment Advisory, stressed that it is too early to talk about this. .
Grahn said interest rates have continued to decline for the past 40 years. From an investor’s point of view, if you want to get excessive returns on your investment portfolio, your first choice will not be bonds.
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