Jan. 19, 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 (Tuesday, January 19, 2021).
All main indexes closed positive today, with the S&P 500 up 0.81%, the Dow Jones up 0.38% and the Nasdaq up 1.53%.
Why did the stock market move today?
At her confirmation hearing to become U.S. Treasury secretary, Janet Yellen spoke in favour of higher relief spending to support workers and businesses. Experts appreciate her pragmatic approach towards the economic crisis caused by the pandemic and investors are looking forward to the approval of the $1.9 trillion fiscal stimulus package unveiled by Biden.
Stock of the day
Despite profits more than doubled from the same quarter last year and largely beating expectations, shares in Goldman Sachs (NYSE: GS) fell 2.26% today after their fourth-quarter earnings release. As to the reasons for the drop in the stock price, investors may already have priced-in the growing numbers in trading revenues.
That’s all for this Tuesday’s stock market update. Stay tuned to receive your daily update!