Stock market today
The US stock market closed little changed today. The closing numbers for the US stock market today follow.
S&P 500: 3,911.23,-4.36(-0.11%)
Dow 30: 31,375.83,-9.93(-0.03%)
Russell 2000: 2,299.00,+9.24(+0.40%)
Stock market news
“Stocks ended mixed on Tuesday, with the S&P 500 and Dow ending a six-session winning streak while the Nasdaq powered to a record high.
The S&P 500 ticked just below the flat line, and the Dow ended a choppy session lower. The Nasdaq eked out record intraday and closing highs, closing above 14,000 for the first time ever. The small-cap Russell 2000 extended its winning streak to seven consecutive sessions and also closed at a record level.
Bitcoin prices (BTC-USD) surged more than 10% to close in on $48,000, adding to a record-setting rally triggered after Tesla (TSLA) disclosed it had purchased $1.5 billion worth of the cryptocurrency earlier this week.
Prospects for more stimulus out of Washington have remained a major driver of equities over the past week. Congressional committees this week are set to work out details of the legislation for another virus-relief package, which is expected to include another round of $1,400 stimulus checks, hundreds of billions of dollars in state and local aid and an extension to enhanced federal unemployment benefits beyond their current March end date. Goldman Sachs economists increased their 2021 and 2022 annual U.S. gross domestic product (GDP) growth forecasts by 0.2 percentage points each to 6.8% and 4.5%, respectively, amid their expectations for an eventual stimulus package worth $1.5 trillion, according to a note Monday.
But even in absence of additional stimulus, corporate America has already been showing signs of a stronger-than-expected rebound, with fourth-quarter earnings results blowing past estimates. More than three-quarters of S&P 500 companies have so far reported earnings results, and 66% have beaten expectations for both sales and profit, according to a Bank of America analysis.
“Corporate earnings have defied a shrinking economy: 4Q EPS [earnings per share] for the S&P 500 is now up 0.3% YoY vs. -2.5% YoY in GDP,” Bank of America strategist Savita Subramanian wrote in a note Monday. Heading into fourth-quarter earnings season, consensus analysts expected that S&P 500 companies would, in aggregate, post another earnings decline.”
Stock market source: Yahoo Finance