US Stock Markets Ended Jan. 15, 2021
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Stocks closed lower on Friday as President-elect Joe Biden released plans for a $1.9 trillion dollar COVID-19 relief package. On Friday, tech shares gained while banks led the decline of financial stocks after some of the largest players released less than stellar earnings reports. This short-term selloff goes against the longer upward trend for stocks. The S&P 500 hit a record high during the first week of the year, only to fade slightly last week. Energy stocks led the market last week as oil prices reached levels not seen since February 2020. Investors will look for guidance from the new administration and congress as the shifting political landscape has businesses changing strategies while the economy has yet to pick back up from last year. While retail sales fell in December, production increased more than expected. The increase marked eight straight months of gains and could be a bright spot for a battered economic recovery. In a shift from mega retailers, e-commerce retailer Etsy was the top performing stock in the S&P 500 last week. The company was touted by analysts after strong data pointing to increased sales has investors looking to the company's earnings release next month. General Motors was also a top performer last week after the company announced a new electric Corvette SUV to compete with Ford. Looking ahead to next week, the world will be focused on Wednesday's inauguration and the following days as the Biden administration begins its first 100 days with ambitious plans to fight the virus and support the economy.
Posted on Tuesday, January 19, 2021 @ 8:11 AM

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.