The NASDAQ Composite jumped to a record high once again Thursday as investors bet on strong earnings from big tech companies next week.
The Dow Jones Industrials faded 64.33 points to 31,124.05.
The S&P 500 subtracted 3.07 points to 3,848.78, pressured by losses in the energy sector.
The NASDAQ picked up 28.41 points to 13,486.13, The tech-heavy benchmark climbed 0.5% as Apple popped 3%.
Apple’s jump came after a top analyst from Morgan Stanley said she expects a record December quarter print for the tech giant. Optimism is rising that major technology companies will impress Wall Street when they hand in earnings reports next week. Apple, Microsoft and
Facebook have all risen at least 5% this week ahead of their quarterly results.
Major U.S. airline United fell 6.4% after missing on the top and bottom lines of its quarterly earnings. The carrier warned sales would continue to suffer in the early part of 2021 as the coronavirus pandemic drags on.
Thursday’s action came after a better-than-expected reading on jobless claims. First-time claims for unemployment insurance totaled 900,000 for the week ended Jan. 16, lower than an estimate of 925,000 according to economists surveyed by Dow Jones.
Still, some on Wall Street are optimistic that Biden’s plans to combat the pandemic will give the stock market a further boost through 2021.
Biden released details of his COVID plan on his first full day in office, including 10 executive orders and his intent to use the Defense Production Act to ramp up protective equipment production. Biden will seek to accelerate the rollout of vaccines by providing more local and state funding, creating more vaccination sites and launching a national education campaign.
Along with the COVID response plan released Thursday, investors are also watching eagerly if Biden can get his proposed $1.9-trillion coronavirus relief bill through Congress.
Prices for the 10-Year Treasury stumbled, raising yields to 1.10% from Wednesday’s 1.08%. Treasury prices and yields move in opposite directions.
Oil prices slipped 36 cents to $52.95 U.S. a barrel.
Gold prices stepped back $3.90 to $1,862.50 U.S. an ounce.