NEW YORK (Jan 28): Wall Street s main indexes rose on Thursday, as a reversal of declines in mega-cap technology stocks helped investors look past data which showed another sharp contraction in the US economy.
Heavyweights including Microsoft Corp, Facebook Inc, Netflix Inc and Alphabet Inc rose in early trading, supporting the tech-heavy Nasdaq index.
With the quarterly reporting season in full swing, market participants started to question whether companies including Apple Inc, Facebook and Tesla Inc could justify their premium valuations. Investors are digesting earnings that came out overnight and this morning, and taking a look at the fundamentals of what s going on in specific companies, as well as any outlook that can be provided to try to justify valuations, said Brian Vendig, managing executive at MJP Wealth Advisors in Westport, Connecticut.
7 Stocks To Watch For January 28, 2021
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Wall St rises on big-tech strength, shrugs off bleak data
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Robinhood on Thursday halted the ability to purchase new shares of GameStop
Also stopped purchase for AMC, Nokia, Bed Bath & Beyond, BlackBerry, Express
In some cases Robinhood sold off shares without permission from the user
The move drew outrage from Reddit users who had driven share prices up
Both parties in Congress joined the outcry, as well as Dave Portnoy and Ja Rule
Senate Banking Committee planned hearings to investigate the matter
GameStop had surged more than 1,700% percent this month in short squeeze
But shares sank 44% on Thursday after Robinhood banned buying shares
The struggling company runs a chain of video game stores across the country
American predicted that similar revenue trends from late 2020 will carry over into the first three months of 2021.
The results ended a dismal year in which American Airlines Group Inc. lost $8.9 billion after earning nearly $1.7 billion the year before.
Shares of the Fort Worth, Texas, company surged more than 20% in trading before the opening bell, seemingly part of volatile trading elsewhere on Wall Street this week.
American shares jumped as much as 10% Wednesday with most of the market selling off strongly, which analysts attributed to volatile trading that has seen other stocks, notably GameStop, become wrapped up in a battle between small investors and short sellers.