Dow, S&P 500 rebound to all-time highs after Biden demands trillions of dollars in aid

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  • US stocks closed at record highs on Friday after President-elect Joe Biden demanded trillions of dollars in immediate further fiscal support following the weaker-than-expected jobs report. 
  • American businesses shed 140,000 nonfarm payrolls last month, missing consensus economist estimates that foresaw 50,000 job additions.
  • Watch major indexes update live here.

US stocks closed at record highs on Friday to finish out the first week of trading in 2021. After the market reversed lower mid-day, stocks recovered as President-elect Joe Biden demanded for trillions of dollars in immediate further fiscal support, citing the weaker-than-expected jobs report. The Dow Jones industrial average and S&P 500 closed at record highs.

President-elect Biden called for increasing direct payments to individuals after the US saw payrolls drop for the first time since April.

American businesses shed 140,000 nonfarm payrolls last month, the Bureau of Labor Statistics said Friday. The reading is weaker than consensus economist estimates that foresaw 50,000 job additions, according to Bloomberg data. 

Here’s where US indexes stood at the 4 p.m. ET market close on Friday:

  • S&P 500: 3,824.68, up 0.6%
  • Dow Jones industrial average: 31,097.97, up 0.2% (57 points)
  • Nasdaq composite: 13,201.98, up 1%

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BioNTech jumped as much as 7% on Friday after a study was published showing that its COVID-19 vaccine is effective against a mutated strain of COVID-19 that has been found in the UK in recent weeks.

Enterprise AI software provider C3.ai  popped over 5% on Friday as the company continues its historic post-IPO run. Since its public debut in early December, C3.ai has been one of the market’s strongest performers, more than quadrupling in value, with shares now sitting around $140.

Gold dipped 4.5%, to $1,828.35, at intraday lows. The US dollar strengthened against all of its Group-of-10 currency peers, while 10-year Treasury yields climbed further above 1%, where they haven’t been since March.

Oil prices climbed amid a drop in US inventories. West Texas Intermediate crude rose as much as 3.8%, to $52.74 per barrel. Brent crude, oil’s international benchmark, gained 3.6%, to $56.31 per barrel, at intraday highs.

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