Shares of Alphabet gained 6% in after hours trading after the technology giant reported 23% revenue growth andStocks rallied for the second day on Tuesday, with the Dow Jones Industrial Average gaining more than 475 points for its best day since November. Investors returned to buying equities after the Reddit-fueled action that shook markets last week. The Dow is up 2.35% this week.After a meteoric, albeit seemingly synthetic rise in GameStop last week caused by a short squeeze, shares have.
"The best way to describe today's stock market action is 'reversing the Reddit revolution," Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. "What went up with GameStop, came down with GameStop." "From mid-day Jan. 28 to the end of Jan. 29, cyclicals including technology got pounded while defensive sectors outpaced. Over the last two days, and particularly today, this was reversed," added Paulsen.
Investors are also monitoring negotiations in Washington surrounding another stimulus package. President Joe Biden met with the 10 Republican senators on Monday to discuss an alternative, smaller aid proposal to his $1.9 trillion package.
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