Stocks wavered to close out the week and month on Friday, as two of the three major stock market indices finished in the red, with the tech-heavy Nasdaq ending as the only benchmark to rise on the day.
The Dow Jones Industrial Average retreated for a second consecutive day after setting record closing highs on Wednesday, and finished Friday down 469 points, or -1.5%, to end at 30,932.
Etsy soars. Shares of homemade goods e-commerce marketplace Etsy (ticker: ETSY) rallied on Friday, jumping 11.5% and finishing as the best performer in the S&P 500. Investors responded to the company’s blowout fourth-quarter results, which breezed past expectations on all major metrics.
Earnings per share clocked in at $1.08 versus expectations for 59 cents, while revenue rocketed 129% higher at $617.4 million against consensus expectations for $516 million. The pandemic has been especially good for Etsy stock, which has nearly quadrupled in the last year as digital commerce took off.
Volatile SPAC jumps. Shares of Churchill Capital Corp. IV ( CCIV), the special purpose acquisition company (SPAC) that recently announced the consummation of a long-awaited deal to merge with electric vehicle company Lucid Motors, gained 10.5% on Friday. There wasn’t much actual news for investors to digest Friday, but EV stocks have been hot over the last year, and fellow young EV company Fisker ( FSR) also saw shares rocket higher Friday, with shares up 32%.
GameStop still unpredictable. GameStop ( GME) returned to center stage over the last week as shares of the video game retailer once again surged, briefly nearing $180 a share after beginning the week around $46.
Shares, which began the day up big, finished down more than 6%, but still ended above $100 a share, more than double where it began the week.
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