Dow hits record, Biden speaks with China's Xi

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U.S. equity markets opened near record highs Thursday after President Biden held his first call with Chinese President Xi Jinping.

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"President Biden affirmed his priorities of protecting the American people’s security, prosperity, health, and way of life, and preserving a free and open Indo-Pacific," the White House said.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES31523.96+86.16+0.27%
SP500S&P 5003922.63+12.75+0.33%
I:COMPNASDAQ COMPOSITE INDEX14044.497063+71.96+0.52%
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The Dow Jones Industrial Average gained 32 points, or 0.1%, while the S&P 500 and the Nasdaq Composite were higher by 0.28% and 0.56%, respectively. The Dow finished at a record high on Wednesday while the S&P and the Nasdaq ended just below their own peaks.

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In stocks, Uber Technologies Inc.’s quarterly net loss narrowed by 20% as a booming food-delivery business helped to partially offset further weakness in ride-sharing.

TickerSecurityLastChangeChange %
UBERUBER TECHNOLOGIES INC.61.70-1.50-2.37%
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PepsiCo Inc. said quarterly revenue rose 8.8% from a year ago as the COVID-19 pandemic led to increased demand for snacks and beverages. The company expects earnings and revenue growth to “be consistent” with its long-term objectives.

TickerSecurityLastChangeChange %
PEPPEPSICO INC.136.50-1.21-0.88%
KOCOCA-COLA COMPANY50.10+0.50+1.01%
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MGM Resorts International saw a 53% year-over-year decline in quarterly revenue as its casino business in Las Vegas and Macau continued to reel in the wake of COVID-19. The company expects demand in Las Vegas to return later this year and said its sports betting unit, BetMGM, will be in 20 markets by yearend.

TickerSecurityLastChangeChange %
MGMMGM RESORTS INTERNATIONAL35.94-0.60-1.64%
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Walt Disney Co. will release its quarterly results after markets close.

TickerSecurityLastChangeChange %
DISWALT DISNEY COMPANY190.10+0.52+0.27%
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In deals, Kraft Heinz Co. agreed to sell its nuts business to Hormel Foods Corp. for $3.35 billion in cash. The deal includes the Planters nut brand, NUT-rition, Planters Cheez Balls and Corn Nuts brands.

TickerSecurityLastChangeChange %
KHCKRAFT HEINZ COMPANY35.58+1.69+4.99%
HRLHORMEL FOODS49.54-0.29-0.58%
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Shares of cannabis companies were active again Thursday morning amid continued speculation that major reform could take place with Democrats controlling the White House and both chambers of Congress.

TickerSecurityLastChangeChange %
TLRYTILRAY INC51.50-12.41-19.42%
CGCCANOPY GROWTH CORP45.11-7.06-13.52%
ACBAURORA CANNABIS17.15-1.75-9.26%
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In commodities, West Texas Intermediate crude oil fell 11 cents to $58.57 per barrel and gold ticked up $1.30 to $1,844.10 an ounce.

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Overseas markets were higher across the board with Germany’s DAX 30 leading the advance in Europe, up 0.69%, while France’s CAC 40 and Britain’s FTSE 100 were both up fractionally.

In Asia, Japan’s Nikkei 225 edged up 0.19% while Hong Kong’s Hang Seng index rose 0.45% in a half day of trading ahead of the Chinese New Year break. China’s Shanghai Composite was closed.

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