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|I:DJI||DOW JONES AVERAGES||30783.32||+571.41||+1.89%|
|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.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||7.55||-5.82||-43.56%|
|BBBY||BED BATH & BEYOND INC.||26.36||-3.90||-12.89%|
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.
|UPS||UNITED PARCEL SERVICE INC.||157.33||+1.02||+0.65%|
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.
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.
|XOM||EXXON MOBIL CORPORATION||45.76||+0.84||+1.87%|
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.
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.
Tech giants Alphabet Inc. and Amazon Inc. will report their quarterly results after the closing bell.
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.
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%.