U.S. stocks skid Friday to book worst week since October, as GameStop ruckus and vaccine news stress market MarketWatch 1/29/2021
MARKET SNAPSHOT
Stocks tumbled Friday, with the Dow and S&P 500 index booking the worst month of losses since October, as volatile trade in a batch of small, heavily shorted companies raised broader concerns about a bubble in a market already worried that the slowness of the coronavirus vaccine rollout is delaying a return to economic normality.
How did major benchmarks perform?
The Dow Jones Industrial Average slumped 620.74 points, or 2%, to close at 29,982.62, its lowest close since Dec. 14, 2020.
The S&P 500 shed 73.14 points, or 1.9%, ending at 3,714.24.
U.S. stocks skid Friday to book worst week since October, as GameStop ruckus and vaccine news stress market MarketWatch 1/29/2021
MARKET SNAPSHOT
Stocks tumbled Friday, with the Dow and S&P 500 index booking the worst month of losses since October, as volatile trade in a batch of small, heavily shorted companies raised broader concerns about a bubble in a market already worried that the slowness of the coronavirus vaccine rollout is delaying a return to economic normality.
How did major benchmarks perform?
The Dow Jones Industrial Average slumped 620.74 points, or 2%, to close at 29,982.62, its lowest close since Dec. 14, 2020.
The S&P 500 shed 73.14 points, or 1.9%, ending at 3,714.24.
U.S. stocks skid Friday to book worst week since October, as GameStop ruckus and vaccine news stress market MarketWatch 1/29/2021
MARKET SNAPSHOT
Stocks tumbled Friday, with the Dow and S&P 500 index booking the worst month of losses since October, as volatile trade in a batch of small, heavily shorted companies raised broader concerns about a bubble in a market already worried that the slowness of the coronavirus vaccine rollout is delaying a return to economic normality.
How did major benchmarks perform?
The Dow Jones Industrial Average slumped 620.74 points, or 2%, to close at 29,982.62, its lowest close since Dec. 14, 2020.
The S&P 500 shed 73.14 points, or 1.9%, ending at 3,714.24.
Operator
Good morning, everyone, and welcome to United States Steel Corporation s Fourth Quarter and Full Year 2020 Earnings Conference Call and Webcast. [Operator Instructions]
I ll now hand the call over to Kevin Lewis, Vice President of Investor Relations and Corporate FP&A. Go right ahead.
Kevin Lewis
Vice President-Investor Relations and Corporate FP&A
Thank you, and good morning. We appreciate your continued interest in U.S. Steel and welcome you to our fourth quarter and full Year 2020 earnings call. On the call with me this morning will be U.S. Steel President and CEO, Dave Burritt; Senior Vice President and CFO, Christie Breves; and Senior Vice President and Chief Strategy and Development Officer, Rich Fruehauf.
S&P 500 Leads Nikkei 225, ASX 200 Lower as Volatility Spikes
S&P 500, ASX 200, NIKKEI 225, ASIA-PACIFIC MARKET OUTLOOK:
The FOMC meeting revealed little changes; Apple and Facebook earnings beat
Asia-Pacific indices are poised to open sharply lower following a sour US lead
Market Turmoil, FOMC, Earnings, Asia-Pacific Stocks Outlook:
Wall Street stocks had a bloodbath day without clear fundamental reasons behind, leading market participants to question if the short squeeze in GameStop (+134%) and AME entertainment (+301%) have forced some hedge funds to liquidate their long positions in other stocks to cover losses. This appeared to have sparked broader risk aversion and encouraged more liquidation in a time when stock markets valuations are at their highest levels since the Dotcom bubble.