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The DJIA rose 0.38% The S&P 500 was up 0.80% The Nasdaq Composite added 1.53%
Energy and tech led the market today.
General Market Review
Market
The DJIA rose 0.38%, the S&P 500 was up 0.80%, and the Nasdaq Composite added 1.53%. Energy and tech led the market today.
Energy
Due to investor optimism on the stimulus increasing oil demand and rising oil prices, the energy sector was in the green.
Financials
American Express was up 4% after it was upgraded to an overweight rating due to expectations of a rebound in consumer spending. Bank of America announced a $2.9 billion stock buyback program to pay regular dividend after a mixed earnings report. BAC fell about 1% today.
Tech
After JPMorgan told investors to buy big tech stocks again, tech stocks rose. Microsoft is reportedly partnering with Cruise and General Motors to boost the commercialization of self-driving vehicles. Microsoft gained about 2% and General Motors added 9%.
Earnings
For fourth quarter, Netflix reported earnings of $1.19 and a $6.64 billion revenue. The company beat expectations for revenue but fell short on EPS. Investor expectations were $1.39 for earnings and $6.63 billion in revenue. Netflix is considering stock buybacks to become free cash flow positive. NFLX is up 12% after hours.
