Feb. 5, 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, February 5, 2021).
Another positive day in the stock market today, ending the best week since last November. Once again, both the S&P 500 and the Nasdaq reached a new all-time high today: the S&P 500 closed up 0.39% and the Nasdaq up 0.57%.
Why did the stock market move today?
According to the U.S. Labor Department, the U.S. economy added 49,000 jobs in January, lower than experts expected. Although the unemployment rate fell from 6.7% to 6.3%, many of the newly added jobs represent temporary-help services.
Such disappointing data for January gave investors confidence that the lawmaker will enact the stimulus package as soon as possible.
Stock of the day
Earnings season continues to provide new positive surprises.
Both earnings per share and revenues for Pinterest beat expectations in the last quarter. The social media service also saw their monthly active users (“pinners”) go up to 459 million.
Shares in Pinterest (NYSE: PINS) jumped 5.29% today, reaching a new all-time high at $ 81.96.
That’s all for this Friday’s stock market update. Stay tuned to receive your daily update!