Facebook Strikes a Deal | February 23

by Luna Fuller
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Good Evening!

The DJIA rose 0.04%
The S&P 500 was up 0.06%
The Nasdaq Composite fell 0.50%

Energy led the market.

General Market Review

Energy

Investors are expecting the weekly inventory report to show a large draw in crude stockpiles. This data would help show that oil demand is on pace to increase. ExxonMobil added 1%. Marathon Oil gained 9% after reporting a narrower-than-expected fourth quarter loss.

Tech

Facebook rose 2% after the company reached a deal with the Australian government to gain more time to negotiate the law that requires them to pay for news on their website. Facebook has agreed to allow news to Australian users until then.

Stimulus

Vaccine rollouts are increasing. The House of Representatives will vote on the $1.9 trillion stimulus bill this week. While it is expected to face opposition in the Senate, the bill is on track to get to Biden before March 14 when unemployment benefits expire.

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