Indices hit record highs
US stock indices jumped to record highs in trading on Friday, ending the first working week of 2021 on the plus side. Investors all but ignored the political tensions in Washington in recent days, focusing on the prospect of more stimulus from President-elect Joe Biden's administration, Dow Jones said.
Lombard Odier chief investment officer Stephane Monier said: "We believe this is a good time for the stock market from a policy perspective. The administration of the new US president will be different from the previous one through stable policies rather than unpredictable ones, and a focus on international cooperation instead of isolation".
The weak US labor market report released on Friday also had little impact on investor sentiment. According to the US Department of Labor, the number of jobs in the US economy fell by 140,000 in December, the first decline since April 2020, when the economy lost a record 20.787 million jobs.
The Dow Jones Industrial Average index rose 56.84 points (0.18%) to 3,097.97 by market close on Friday.
The Standard Poor's 500 rose 20.89 points (0.55%) to 3,824.68 points.
The Nasdaq Composite added 134.5 points (1.03%) to 13201.98.
For the week Dow Jones Industrial Average gained 1.6%, S&P 500 gained 1.8% and Nasdaq Composite gained 2.4%.
Tesla (NASDAQ:TSLA) Inc. gained 7.8% in trading.
Micron Technology shares were down 2.1% in trading. Adjusted second-quarter earnings will be $0.68-0.82 per share on revenue of $5.6-6 billion, the company expects.
Boeing Co (NYSE:BA). shares were down 1.3%. The day before it became known that Boeing will pay $2.5 billion to settle claims of the U.S. Department of Justice concerning the situation around the 737 MAX aircraft, whose flights were suspended for almost two years after two plane crashes.