Unemployment Claims Rise | February 8

by Luna Fuller
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Good Evening!

The DJIA rose 0.76%
The S&P 500 was up 0.74%
The Nasdaq Composite added 0.95%

All three closed at record highs, as energy and financials led the market higher.

General Market Review

Energy

Energy closed in the green after high hopes of boosting energy demand from bets that vaccinations will go out faster than investors expected. ExxonMobil was upgraded to an underperforming rating due to their plan on reducing fossil fuel spending. ExxonMobil added 4% and Occidental Petroleum was up 12%.

Financials

42 million vaccine doses are now administered and Covid cases have slowed down from 235,000 to 87,000. There are hopes of a fiscal stimulus being rolled out sooner than expected after 779,000 unemployment claims were filed last week. Due to high hopes of a fiscal stimulus and a slowdown in Covid cases, Citigroup was up over 1% and Bank of America added 2%.

Tech

Amazon.com fell close to 1% after employees in Alabama began voting to decide if their warehouse will become a union, the company’s first unionized facility in the US. Tesla gained 1% after the company announced its $1.5 billion investment in Bitcoin. Tesla expects to accept Bitcoin as payment for their products in the future.

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