Stocks tick higher as Biden executive orders roll in – Fox Business


U.S. equity markets were modestly higher Thursday morning after President Biden signed a series of executive orders in the first hours of his presidency.

The Dow Jones Industrial Average gained 34 points, or 0.11%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite were higher by 0.1% and 0.4%, respectively. All three of the major averages finished in record territory on Wednesday.

TickerSecurityLastChangeChange %
SP500S&P 5003859.85+8.00+0.21%
I:COMPNASDAQ COMPOSITE INDEX13542.924419+85.68+0.64%

Biden’s orders included extending a freeze on student loan payments and the eviction and foreclosure moratoriums for those impacted by COVID-19. Other measures including canceling the permit for the Keystone XL pipeline, re-entering the Paris climate agreement and stopping construction of the southern border wall, among other things.

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Looking at stocks, United Airlines Holdings reported a fourth straight quarterly loss in the three months through December as the COVID-19 pandemic continued to snarl demand for air travel. The Chicago-based airline lost $7.1 billion in 2020, but said that while the next few quarters will be difficult, it foresees a return of travel and cost-cutting resulting in its 2019 profit margins being exceeded by 2023.

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Baker Hughes Co. missed on revenue but beat on earnings and said it expects the energy market to bottom by the middle of this year.

TickerSecurityLastChangeChange %
AAPLAPPLE INC.136.44+4.41+3.34%

Elsewhere, the price target on Apple Inc. shares was raised to $152 from $144 at Morgan Stanley, which is anticipating record quarterly earnings and revenue from its upcoming report.

TickerSecurityLastChangeChange %
TSLATESLA INC.845.69-4.76-0.56%

Tesla Inc. vehicle registrations in the state of California spiked 63% year over year in the fourth quarter, according to data from the research firm Cross-Sell. The increase in registrations was bolstered by demand for the Model Y crossover vehicle.


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In other auto news, General Motors is riding towards its sixth record this month as investor optimism rises following a flurry of strategy moves this month.

In commodities, West Texas Intermediate crude fell 33 cents to $52.98 per barrel and gold slid $2.10 to $1,864.40 an ounce.

European markets were mixed after the European Central Bank kept policy on hold with France’s CAC 40 falling 0.34% and Germany’s DAX 30 advancing 0.11%. Britain’s FTSE 100 was higher by 0.06%.

In Asia, Hong Kong’s Hang Seng index slipped 0.12% while Japan’s Nikkei 225 rose 0.82% and China’s Shanghai index gained 1.07%.

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