Mar. 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, March 5, 2021).
All main indexes closed positive today, with the S&P 500 closing up 1.95%, the Dow Jones up 1.85% and the Nasdaq up 1.55%.
Why did the stock market move today?
The stock market closed a very intense week today, with stocks seeing some crazy intra-day moves. Fears of upcoming inflation lead to a sell-off in treasury bonds as demonstrated by the sudden increase in yields.
According to the February employment report published today, 379,000 new jobs were added in the U.S. in February, exceeding estimates of 210,000. Furthermore, the unemployment rate released was 6.2% against the 6.3% expected. This news helped slightly recover the losses seen during the last month.
Stock of the day
After posting quarterly earnings per share of $2.14 vs. an estimate of $2.42 and total revenues of $44,769 million against estimates of $44,504 million, shares in Costco (NASDAQ: COST) started the day badly but managed to climb its way back and ended the day down only 0.54%.
That’s all for this Friday’s stock market update. Stay tuned to receive your daily update!