Jan. 15, 2021
Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Friday, January 15, 2021).
All main indexes closed negative today. The S&P 500 closed down 0.72%, the Dow Jones down 0.57% and the Nasdaq down 0.87% today.
Why did the stock market move today?
President-elect Joe Biden’s $1.9 trillion Covid-19 relief plan disappointed investors who were hoping for a bigger stimulus. Investors also fear that stimulus might end up being even lower in order to get Congress approval.
According to data from the U.S. Department of Commerce, retail sales declined 0.7% in December from the prior month. Since this measure also takes into consideration purchases from online store, a decline during the month of Christmas shopping didn’t sound like reassuring news.
Stock of the day
Despite reporting its highest-ever quarterly earnings and beating expectations, shares in JPMorgan Chase (NYSE: JPM) fell 1.79% today.
As the pandemic hit, the bank was forced to put aside many resources for potential loan losses during the year. For this reason the yearly net income fell 20% in comparison to last year.
That’s all for this Friday’s stock market update. Stay tuned to receive your daily update!