GLJ Research founder and CEO Gordon Johnson and FOX Business’ Charlie Gasparino provide insight into short selling.
U.S. equity markets hit record highs Friday morning after the Senate paved the way for President Biden’s $1.9 trillion COVID-19 aid package and the jobs report showed a drop in the unemployment rate.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 31183.41 | +127.55 | +0.41% |
| SP500 | S&P 500 | 3887.47 | +15.73 | +0.41% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13812.479301 | +34.74 | +0.25% |
The Dow Jones Industrial Average climbed 170 points, or 0.55%, while the S&P 500 and the Nasdaq Composite advanced 0.48% and 0.29%, respectively. Both the S&P 500 and the Nasdaq Composite were trading in record territory while the Dow was just below its own peak.
Also lending support to equities, a boost in West Texas Intermediate oil prices which topped $57 per barrel Friday giving energy stocks a lift.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 38.21 | +0.40 | +1.06% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 42.90 | +0.70 | +1.65% |
Stocks rose despite a ho-hum jobs report with the addition of 49,000 jobs in January as the unemployment rate fell to 6.3%, according to the Labor Department. Wall Street analysts surveyed by Refinitiv had expected the addition of 50,000 jobs with the unemployment rate holding steady at 6.7%.
In Washington, the upper chamber of Congress early Friday morning voted 51-50, with Vice President Kamala Harris casting the tie-breaking vote, to adopt a budget resolution for coronavirus relief. The vote paves the way for a bill to pass using budget reconciliation rules that would allow Democrats to avoid a Republican filibuster.
CLICK HERE TO READ MORE ON FOX BUSINESS
In stocks, GameStop Corp., AMC Entertainment Holdings Inc. and others received a reprieve after Robinhood Markets Inc. lifted all trading restrictions that had been implemented amid a surge in volatility. GameStop shares had plunged 84% this week through Thursday while AMC shares were down 47%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 70.06 | +16.70 | +31.30% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 7.30 | +0.21 | +2.96% |
| BBBY | BED BATH & BEYOND INC. | 27.41 | +0.40 | +1.48% |
| BB | BLACKBERRY LIMITED | 12.73 | +0.56 | +4.62% |
Elsewhere, Chevron Corp. made an offer to buy the remaining shares of Noble Midstream L.P. that it doesn’t already own for $12.47 apiece, the same as Thursday’s closing level. The deal, which must be approved by Noble’s board, values the company at $1.13 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 89.62 | +0.56 | +0.63% |
| XOM | EXXON MOBIL CORPORATION | 49.95 | +1.62 | +3.36% |
In earnings, Ford Motor Co. lost $2.8 billion in the three months through December as an airbag recall and idled production of its F-150 pickup truck weighed on the company’s bottom line. The Detroit-based automaker said through 2025 it will spend $22 billion on electric vehicles and another $7 billion to develop autonomous vehicles.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR COMPANY | 11.57 | +0.20 | +1.71% |
Peloton Interactive Inc. reported record quarterly revenue and raised its full-year outlook, but warned recent upgrades to its supply chain would have a near-term impact on margins.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PTON | PELOTON INTERACTIVE | 144.02 | -13.51 | -8.58% |
Snap Inc. said its number of daily active users rose 22% from a year ago, but warned the Capitol Hill riots and Apple’s privacy changes to its operating system would weigh on results in the current quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SNAP | SNAP INC. | 59.86 | +1.53 | +2.62% |
In commodities, gold added $4.50 to $1,795.70 per ounce.
BITCOIN ROBS FROM GOLD AS PRECIOUS METAL SINKS BELOW $1,800
Overseas markets were mostly higher.
France’s CAC 40 was pacing the advance in Europe, trading up 0.98%, while Germany’s DAX 30 held a more modest gain of 0.2% and Britain’s FTSE 100 was little changed.
In Asia, Japan’s Nikkei 225 rallied 1.54%, Hong Kong’s Hang Seng index advanced 0.6% and China’s Shanghai Composite slipped 0.16%.