By Jeffrey Smith
Investing.com – US stock markets reopened to record highs on Friday to end a remarkable week with a high note despite the drama in Washington and the weakest labor market report in eight months.
At 9:40 AM ET (1440 GMT), growth rose 76 points, or 0.2%, to 31,117 points. The ratio was 0.4% and 0.7%. All three had closed again at record highs on Thursday.
The market took its steps, showing that the economy lost 140,000 jobs in December. Developments were largely expected following a report by private payroll processor ADP on Wednesday, and market participants were softened by a major upward revision of the number of employees in November. The unemployment rate remains at 6.7% of the workforce.
Risks to the economy from the sharp rise in unemployment appear to have been reduced in the near future by the Democrats̵
In addition, Dowding added, the narrow flight of Democratic control in Congress means “it is unlikely that many of the broader or more radical aspects of Biden’s program will see the light of day.”
“Increased regulation of the energy sector, banks and high technology is likely to be reduced in the face of state-level opposition,” Dowding said.
Shares of Tesla (NASDAQ 🙂 power up another 4.4% higher, adding another $ 30 billion to its market value, with no flow of news beyond the steady rise in analyst prices, all of which remain conveniently below the spot price. Its market value reached $ 800 billion for the first time, reinforcing founder Elon Musk’s new position as the richest man in the world.
Meanwhile, shares of Apple (NASDAQ 🙂 rose 0.6% after a curious stream of press releases from Korean carmaker Hyundai Motor (OTC :), which was forced to back down overnight allegations that it held talks at an early stage for cooperation with the manufacturer of the iPhone in the car field.
Various news reports suggest the company is stepping up efforts to develop an electric, self-driving car, a project the company appears to have put in the background a few years ago. Quantumscape (NYSE :), whose research on solid-state batteries has sparked speculation that it could partner with Apple in a similar venture, made a 0.5% profit.
Turn on the power (NASDAQ 🙂 shares rose another 13% amid continued enthusiasm after South Korea’s SK Group agreed to invest $ 1.5 billion in a joint venture with the hydrogen fuel cell developer earlier in the week. The company is still unprofitable after 20 years, but its market value has increased by nearly 100% in the last month to over $ 20 billion.
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