Alphabet Soars by 7.3%, U.S. Stocks Dow Jones, S&P Gain 3 Consecutive Gains
Google‘s parent company Alphabet announced strong earnings and hit a new high for its share price. However, late in the market, it suffered almost all the earlier gains, mainly dragged down by the decline in technology stocks and retail stocks. The U.S. stock market was mixed. The Dow Jones and S&P closed their gains for three consecutive days, while the Nasdaq and Fees closed down.
According to comprehensive media reports, Alphabet rose 7.3%, which gave the S&P 500 the biggest boost. Alphabet’s quarterly report released after the close on Tuesday showed that the quarterly revenue of advertising and cloud businesses exceeded expectations, which benefited to some extent from the epidemic.
According to Refinitiv’s data on the 3rd, following the release of Alphabet and other companies’ recent better-than-expected earnings reports, S&P 500 index constituent companies are now expected to announce record profit growth for the fourth quarter of 2020, breaking the epidemic again. Expected quarterly profit decline.
The CBOE volatility index fell, GameStop and other social media darlings died after the recent trading frenzy, GameStop shares closed up only 2.7% that day, AMC rose 14.71%. U.S. Treasury Secretary Yellen will convene a meeting this week with senior officials including the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve (Fed) to discuss market volatility caused by popular stocks recently discussed in social media.
Amazon fell 2%, dragging down the Nasdaq index and limiting the broader market’s gains as CEO Bezos unexpectedly announced his resignation, dispelling investor optimism about the company’s quarterly earnings. However, analysts are optimistic that the head of the cloud department will be promoted to executive officer.
At the close of US stocks today, the Dow Jones Industrial Average rose 36.12 points, or 0.12%, to 30723.6 points.
The S&P 500 index rose 3.86 points, or 0.10%, to 3,830.17 points.
The Nasdaq Index fell 2.23 points, or 0.02%, to 13,610.54.
The Philadelphia Semiconductor Index fell 64.45 points, or 2.12%, to 2,982.87 points.
Alphabet Soars by 7.3%, U.S. Stocks Dow Jones, S&P Gain 3 Consecutive Gains - /10