Markets ended higher again Tuesday as investors became bullish on prospects for better earnings, mass vaccines, and additional stimulus from the Federal Government.
The Dow ended the day up 476 points at 30,688 for a gain of nearly 1.6%. The S&P 500 gained 1.39% or 52 points, closing out the session at 3,826, and the tech heavy Nasdaq Composite Index traded up 209 points, or 1.56%, ending trading at 13,612.
United Parcel Service climbed 2.69% to $160.47 as the courier reported a surge in profit. Share of Exxon Mobil gained 1.56% as investors shrugged off a fourth quarterly loss from the company which has lost more than $22 billion in its fiscal year. The company is promising to keep its dividends safe and is also venturing into the green energy space amid pressure from activist investors.
Reddit Trades Plunge
The trading frenzy that helped drive a surge in shorted companies began to unwind in Tuesday’s session. Shares of GameStop and AMC plunged more than 40% and silver came off its 8-year high. Shares of the new WallStreetBets favorite BioCryst Pharmaceuticals also declined, down 11% in today’s trading.