US stock rally continues; Dow ends up over 330 points | US Market Updates

The US stocks rose on Thursday following three straight positive sessions as the speculative retail trading frenzy faded and robust corporate earnings and economic data remained in focus.

• While the Dow Jones Industrial Average closed higher by 332.26 points, or 1.08 per cent, to 31,055.86, the S&P 500 advanced 41.57 points, or 1.09 per cent, to 3,871.74. The NASDAQ Composite closed up 1.23 points, or 167.20 per cent, to 13,777.74.

• EBay climbed more than 10 per cent on better-than-expected profit and revenue, while PayPal settled up 7.6 after robust quarterly results. Apple ended up 2.5 per cent.

• Labour data

• The latest labour data showing that 779,000 Americans applied for unemployment benefits last week boosted the market sentiments. The figures were lower than 812,000 in the prior week. On Wednesday, a report showed that the private payrolls in the US recovered more than expected in January.

• Gainers and losers

• EBay climbed more than 10 per cent on better-than-expected profit and revenue, while PayPal settled up 7.6 per cent after robust quarterly results. Qualcomm dipped nearly 9 per cent after reporting weak revenues for its fiscal first quarter. Apple ended up 2.5 per cent after a report that it may soon finalise a deal with Hyundai-Kia to produce driverless cars.

• On the other hand, GameStop stock fell over 10 per cent, shedding more than 80 per cent this week.

• Stimulus package

• The Democrats are going ahead with President Joe Biden’s US$1.9 trillion coronavirus relief proposal. Republicans had earlier countered with a more modest US$618 billion fiscal package.

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