Stocks climbed on Tuesday, rebounding from a losing week, as investors digested results from the new earnings season as well as signals for another big stimulus and faster pace of vaccine distribution ahead.
Some of the major technology stocks rebounded sharply from last week's losses. Facebook and Alphabet climbed 3.9% and 3.3%, respectively, while Microsoft rose 1.8%. Apple and Amazon also advanced.for fourth-quarter profit and revenue. The blowout results came on the back of strong performance from its equities traders and investment bankers.that missed expectations. Profit came in slightly above estimates, however.
While the earnings cycle started out strong, many on Wall Street believe fourth-quarter earnings have been priced in and the market is focused on the 2021 outlook and the ultimate size of fiscal stimulus that would translate into profit growth. "Neither the president-elect, nor I, propose this relief package without an appreciation for the country's debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big," said Yellen. "I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time."for economic relief last week as the country tries to get a handle on the Covid-19 pandemic.
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