Stocks Hit New Record Highs, Tesla Beats Facebook in Market Value
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…Read more>>