The stock market ends the first trading week of the year with new record highs.
The Dow Jones Industrial Average finished up 0.18% at 31,097 points, the S&P 500 pointed up 0.55% at 3,824 points and the Nasdaq increased 1.03% today, ending at 13,201 points.
Markets shrugged at the disappointing December jobs report, which showed 140,000 U.S. jobs were lost last month and with unemployment stagnant at 6.7%. This is in addition to rising deaths from COVID-19 cases that were offset by encouraging prospects for more government stimulus.
No stopping Tesla. Tesla (ticker: TSLA) made another breakthrough today as it marked its title of being the fifth biggest company in the large-cap benchmark when counting the share classes of Alphabet ( GOOG, GOOGL) together. Tesla, with a market capitalization of $834 billion, knocked the title from Facebook ( FB). The rapid rise in the electric car company’s market value has earned its CEO, Elon Musk, the richest man on the planet, surpassing Amazon.com ( AMZN) CEO Jeff Bezos. TSLA stock increased more than 7% today, ending Friday at $880, and is already up almost 25% for the year. 2020 was a huge year for Tesla increasing about 700% in market value.
Boeing, DOJ settlement. A settlement was reached with the Department of Justice to fine Boeing ( BA) for defrauding the Federal Aviation Administration’s evaluation of BA’s 737 Max airliner, which had faulty software programming that led to two fatal crashes. Boeing will pay more than $2.5 billion that consist of $243.6 million of criminal monetary penalty, compensation payments of $1.77 billion and $500 million to establish a crash-victims beneficiaries fund.
Boeing will take a $743.6 million charge against its fourth-quarter 2020 earnings as part of its plea bargain. BA stock fell 1.3% on Friday.
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Stocks Hit New Record Highs, Tesla Beats Facebook in Market Value originally appeared on usnews.com