Jan. 29, 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 29, 2021).
Once again, all main indexes closed significantly negative today. The S&P closed down 1.93%, the Dow Jones down 2.03% and the Nasdaq down 2%.
Why did the stock market move today?
The war going on around the so-called “yolo stocks” is apparently one of resistance, with many retail investors holding on to their positions against short sellers. GameStop still seems to have more than 100% short targets, which might suggest that the tension should still go on for a while.
In this context, the U.S. Labor Department reported that new unemployment claims fell down to 847,000 in the week ended January, 23. This represents an improvement from the 914,000 registered the week before.
Stock of the day
After most online brokers reenabled the trading of the stocks of the moment, many jumped back on the ride with shares in GameStop (NYSE: GME) closing up 67.87% today.
That’s all for this Friday’s stock market update. Stay tuned to receive your daily update!