The S&P 500 rose 1.8 percent between Thursday, December 31, and Friday, January 8. It was the biggest weekly gain since late November. planting the index above 3,800 for the first time ever. The Nasdaq-100, Russell 2000 and Dow Jones Industrial Average also hit new records.
Yesterday the Institute for Supply Management’s manufacturing index spiked to its highest level in more than two years as new orders surged. That was a big improvement from the previous month, when coronavirus safety measures delayed work and kept employees at home.
The Presidential Election tomorrow won’t just determine who sits in the White House. Outcomes in Congress could also have a major impact on fiscal stimulus at the same time coronavirus threatens to shut down the economy again. There’s a Federal Reserve meeting, as well, plus key employment data and more corporate earnings.
We’re finishing the busiest and most important week of earnings season. The five most-valuable U.S. companies issued results. Here’s a quick breakdown: