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Key Takeaways
- U.S. equities indexes advanced on Friday, Jan. 13, wrapping up a positive week for the stock market.
- Stronger-than-expected earnings results from major financial companies sent bank shares higher, with retail and travel-related stocks also posting gains.
- Automaker shares dipped after Tesla cut prices in a bid to boost demand, while the recent runup in meme stocks reversed course.
Investopedia
U.S. equities finished a strong week with more gains, as solid bank earnings reports added to earlier news about easing inflation, boosting investor confidence. A report showing a jump in consumer sentiment also helped raise optimism heading into the long holiday weekend. For the week, the Dow was up 2%, the S&P 500 gained 2.7%, and the Nasdaq soared 4.8%.
The session was all about the banking sector, as better-than-expected financial results from JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) sent shares of those firms higher. Shares of Bank of New York Mellon (BK) also advanced on its quarterly numbers and news of planned job cuts to reduce costs.
Retail stocks advanced. Target (TGT), Amazon (AMZN), and Etsy (ETSY) were among the best-performing stocks in the S&P 500. Shares of Expedia Group (EXPE) and Booking Holdings (BKNG) gained on indications that travel demand is picking up. One company saying that is Delta Air Lines (DAL). However, its shares lost altitude as the airline indicated that rising costs would lower profit in the current quarter.
Automaker stocks tumbled after Tesla (TSLA) cut its prices to try to boost slumping demand. Its shares dipped 1%, and shares of Ford (F), General Motors (GM), and Stellantis (STLA) sank even more on concerns that their sales would be negatively affected by Tesla’s move.
Meme Stock Turnaround
Analyst downgrades sent shares of Northrop Grumman (NOC) and Lockheed Martin (LMT) sliding. This week’s runup in meme stocks went into reverse, with shares of Bed Bath & Beyond (BBBY), Carvana (CVNA), and Party City (PRTY) tumbling.
Oil futures added 2%, coming in just short of $80 a barrel. Gold prices were up for the seventh time in nine sessions so far this year, reaching levels not seen since April. The yield on the 10-year Treasury note rose. The U.S. dollar gained against the euro but lost ground to the pound and yen. The price of Bitcoin (BTC/USD) moved above $19,000, and most other major cryptocurrencies were also higher.
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Image and article originally from www.investopedia.com. Read the original article here.