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The DJIA rose 1.08% The S&P 500 was up 1.07% The Nasdaq Composite added 1.23%
Tech and banking led the market today.
General Market Review
Tech
Many tech companies closed in the green as earnings positively surprised investors. PayPal added 6% after beating quarterly estimates. Apple gained 2% after the company is close to finalizing a deal with Hyundai-Kia for Apple to join the electric vehicle market. Apple hopes to build a car with an established automaker that will allow the company to control the software.
Banking
Expectations for a quicker vaccine rollout in the upcoming months and positive labor market data have helped in widening the 5-to-30-year treasury curve. Investors are optimistic for a faster economic recovery. Bank of America and Wells Fargo gained over 2%.
Economic Data
For the third consecutive week, jobless claims fell more than estimates. Claims were at 779,000, compared to estimates of 830,000.
Earnings
Snapchat beat earnings expectations but fell through on EBITDA forecasts. Snapchat reported earnings of $0.09 and revenue of $911 million, above expectations for both. While Snapchat had high user growth, it is forecasted to lose about $50-70 million on adjusted EBITDA for first quarter, compared to estimates of a $19.3 million profit. SNAP is down about 9% afterhours.
