02Feb2022 Market Close & Major Financial Headlines: Stock Market Books Fourth Day Of Gains In Row As Tech Sector Climbs, DOW Closes Up 224 Points, NASDAQ Up 0.5%, S&P 500 Up 0.9%, USD $95.99
Headlines:
Massive winter storm grounds hundreds of flights across the U.S.
Facebook plummets 16% after missing across the board, guiding below expectations.
Spotify pukes to 21-month-lows after weak user growth guidance.
PayPal Pukes, Google Gains, Crypto Crokes, Dollar Dumps.
Small Caps remained ugly, down 1% on the day.
New investments from GM’s electric vehicles, to not reinstating the company’s dividend were the key takeaways from Q4 financial results and 2022 guidance.
Sigh! Another day, and yet another ugly macro data point, as ADP employment data crashed. Private payrolls fell by 301,000 in January, the most since the COVID-19 lockdown crisis in 2020. That print stole the jam out of the market’s Alphabet-driven overnight donut.
While Valentine’s Day is getting more expensive, going into debt isn’t sexy. As Americans recover from Covid’s financial strain, couples are less inclined to go into debt for a big, romantic gesture.
Cryptocurrencies like Bitcoin, Ethereum will never become legal tenders: Finance Secretary. People investing in private crypto should understand that it does not have the government’s authorization. There is no guarantee that your investments will be successful or not, one may lose money, and the government is not responsible for this, he said.
As usual, we have included below the headlines and news summaries moving the markets today.