Wall Street was closed on Monday in observance of Martin Luther King Jr. Day. Bitcoin soared to a new all-time on Monday. U.S. stocks closed higher on Friday, driven by strong fourth-quarter earnings results and economic data. The Nasdaq Composite, the Dow and the S&P 500 ended in positive territory.
The Dow Jones Industrial Average (DJI) rose 0.8% or 334.70 points to close at 43,487.83. Within the 30-stock index, 23 components ended in positive territory, while seven ended in negative zone.
The tech-heavy Nasdaq Composite advanced 291.91 points or 1.5% to 19,630.20.
The S&P 500 gained 1%, or 59.32 points, to end at 5,996.66. Nine of the benchmark index’s 11 broad sectors closed in the green. The
Technology Services Select Sector SPDR (XLK), the Consumer Discretionary Select Sector SPDR (XLY), and the Financials Sector SPDR (XLF) rose 1.6%, 1.4%, and 0.8%, respectively.
The fear-gauge CBOE Volatility Index (VIX) decreased 3.8% to 15.97. A total of 14.57 billion shares were traded on Friday, lower than the last 20-session average of 15.65 billion. The S&P 500 posted 24 new 52-week highs and no new lows. The Nasdaq Composite recorded 66 new highs and 73 new lows.
On Monday, Bitcoin hit a new all-time high of $109,000 fueled by the pro-crypto position of incoming president Donald Trump. The surge has been driven by the launch of two meme coins, $TRUMP and $MELANIA, backed by the Trump family, which attracted billions in support. Excitement has been generated by Trump’s promise to make the United States the “crypto capital of the planet,” although no specific policies were discussed.
Thus, on optimism over Trump’s pro-crypto policies, shares of Coinbase Global, Inc. COIN rose 4.9%. Coinbase Global carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Independent Bank Corp. INDB reported fourth-quarter 2024adjusted earnings of $1.21 per share, which surpassed the Zacks Consensus Estimate of $1.16. Revenues of $176.85 million beat the Zacks Consensus Estimate by 0.59%. Consequently, the stock price of Independent Bank Corp. rose 4.9%.
Schlumberger Limited SLB reported fourth-quarter 2024adjusted earnings of $0.92 per share, beating the Zacks Consensus Estimate of $0.90. Revenues of $9.28 billion beat the Zacks Consensus Estimate by 1.17%. Consequently, shares of Independent Bank Corp and Schlumberger Limited rose 4.9% and 6.1%, respectively.
