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U.S. equity markets rallied Tuesday as bipartisan COVID-19 relief talks appeared to be making headway on Capitol Hill, this a basket of heavily traded stocks got slammed.

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Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30783.32 +571.41 +1.89%
SP500 S&P 500 3839 +65.14 +1.73%
I:COMP NASDAQ COMPOSITE INDEX 13633.769681 +230.38 +1.72%

The Dow Jones Industrial Average was higher by nearly 600 points, or 1.9%, while the S&P 500 and the Nasdaq Composite advanced about 1.7 each with the tech-heavy composite nearing a fresh record.

Ticker Security Last Change Change %
GME GAMESTOP CORP 108.25 -116.76 -51.89%
AMC AMC ENTERTAINMENT HOLDINGS INC 7.55 -5.82 -43.56%
BBBY BED BATH & BEYOND INC. 26.36 -3.90 -12.89%
BB BLACKBERRY LIMITED 11.82 -2.80 -19.16%

GameStop Corp. shares were sharply lower for a second straight day as bulls and bears continue to do battle in the highly volatile stock. Shares were headed to the worst one-day percentage drop ever. Other recent high flyers, including AMC Entertainment Group, Bed Bath & Beyond Inc. and BlackBerry Ltd. were also under pressure.

In Washington, President Biden met with 10 Republican Senators on Monday afternoon to discuss their approximately $618 billion COVID-19 aid package that would extend a third round of stimulus checks to some Americans, grant an additional $300 a week in supplemental unemployment benefits through June and provide $50 billion for small businesses. He is lunching with U.S. Treasury Secretary Janet Yellen today who was also meeting with the Democratic caucus.

REDDIT TRADERS COULD KEEP TERRORIZING WALL STREET: GOLDMAN SACHS

Ticker Security Last Change Change %
UPS UNITED PARCEL SERVICE INC. 157.33 +1.02 +0.65%
FDX FEDEX CORPORATION 242.97 +3.69 +1.54%

Looking at corporate and earnings news, United Parcel Services Inc. said adjusted quarterly profit rose 27% year over year as the e-commerce boom fueled by the COVID-19 pandemic resulted in a surge in home-delivery demand. The company also received a boost from its role in delivering COVID-19 vaccines.

Ticker Security Last Change Change %
PFE PFIZER INC. 35.05 -0.74 -2.07%

Pfizer Inc. forecast $15 billion in sales from the COVID-19 vaccine it is producing along with BioNTech and raised its full-year outlook. Prior quarter sales from the vaccine were one-third of what was expected.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORPORATION 45.76 +0.84 +1.87%
CVX CHEVRON CORP. 87.15 +0.68 +0.79%

Exxon Mobil Corp. announced an additional $3 billion of expense reductions and reported its first annual loss in 40 years as the COVID-19 pandemic resulted in a sharp drop in demand for oil and gas. The oil giant also created a “Low Carbon Emissions” unit that will help reduce greenhouse gases by up to 20% by 2025.  The oil giant reportedly held talks with rival Chevron during the height of the pandemic last year, as reported by the WSJ.

Ticker Security Last Change Change %
HOG HARLEY DAVIDSON 32.58 -7.60 -18.91%

Meanwhile, Harley-Davidson Inc. unveiled its five-year turnaround plan called “The Hardwire” as shipments to dealers plunged 32% from a year ago to their lowest level since 1997. Annual retail sales, meanwhile, sank 17% to the weakest since 1998.

Elsewhere, Tesla Inc. announced it would recall 134,951 Model S and Model X vehicles after a U.S. regulator warned their touchscreen displays could fail.

Ticker Security Last Change Change %
TSLA TESLA INC. 878.54 +38.73 +4.61%

Tech giants Alphabet Inc. and Amazon Inc. will report their quarterly results after the closing bell.

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 3,410.32 +67.44 +2.02%
GOOGL ALPHABET INC. 1,925.64 +32.57 +1.72%

In commodities, silver plunged $1.928, or 6.55%, to $27.49 an ounce a day after posting their largest gain in almost 12 years. Elsewhere in the space, gold fell $27 to $1,836.90 an ounce and West Texas Intermediate crude oil jumped $1.38 to $54.93 a barrel.

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Overseas markets were higher across the board with France’s CAC 40 leading the advance in Europe, trading up 1.62%, while Germany’s DAX 30 and Britain’s FTSE 100 climbed 1.01% and 0.58%, respectively.

In Asia, Hong Kong’s Hang Seng index gained 1.23%, Japan’s Nikkei 225 rallied 0.97% and China’s Shanghai Composite index added 0.81%.