Today, January 12…
The DJIA rose 0.23%
The S&P 500 was up 0.01%
The Nasdaq Composite added 0.20%
Energy and financials led the market today, while tech kept gains in check.
General Market Review
Biden’s multi-trillion stimulus plan is expected to be presented by Thursday. This stimulus package would include raising stimulus checks to $2000, providing state and local aid, and vaccine rollout funding.
Energy stocks were up today as oil prices continue to rise. Because oil demand is dependent on herd immunity, the rollout of the vaccine is important to filling the demand gap. Occidental Petroleum was up 12% and Chevron was up about 2%.
After the Democrats took control of both the House and Senate, rates have been rising. The US treasury 10-year yield reached its highest level since March today before easing down.
Because higher interest rates could increase debt issuance costs for tech companies, tech stocks fell today. Facebook and Twitter were down 2.2%.