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- By Julie Young
The Dow Jones Industrial Average closed at 30,814.26 on Friday with a loss of 177.26 points or -0.57%. The S&P 500 closed at 3,768.25 for a loss of 27.29 points or -0.72%. The Nasdaq Composite closed at 12,998.50 for a loss of 114.14 points or -0.87%. The VIX Volatility Index was higher at 24.34 for a gain of 1.09 points or 4.69%.
For the week, the Nasdaq and S&P 500 were down around 1.5%. The Dow Jones had a loss of -0.90%. For the year, the S&P 500 has a gain of 0.3%, the Nasdaq has a gain of approximately 1% and the Dow Jones has a gain of around 0.90%.
Friday's market movers
U.S. indexes closed lower Friday. Financials ended lower after big banks began the earnings season with their reports. Joe Biden's release of his plans for Covid stimulus in a speech Thursday night was also a headline. The plan includes strong stimulus efforts with a price tag of $1.9 trillion.
Some of the Biden plan highlights include:
$1,400 direct payments
A $400 per week unemployment insurance supplement until September 2021.
An increase in child tax credit.
Funds for Covid testing and vaccines.
Biden also says there will be a part two to the strategy with a subsequent focus on infrastructure and climate change.
In other news, investors continued watching impeachment developments, with discussion and voting in the Senate still on an uncertain timeline. A more contagious variation of Covid was also a concern as both new cases and deaths continued.
Stock markets will be closed Monday for the Martin Luther King Jr. holiday.
From the big banks:
JPMorgan Chase (NYSE:JPM): Revenue of $30.16 billion increased 3.4% year over year and beat estimates $1.42 billion. Fourth-quarter GAAP earnings of $3.79 per share beat estimates by $1.17.
Wells Fargo (NYSE:WFC): Revenue of $17.9 billion decreased 9.9% year over year and missed estimates by $100 million. Fourth-quarter GAAP earnings of 64 cents per share beat estimates by 23 cents and non-GAAP earnings of 70 cents beat estimates by 7 cents.
Citigroup (NYSE:C): Revenue of $16.5 billion decreased 10.2% year over year and missed estimates by $210 million. Fourth-quarter GAAP earnings of $2.08 per share beat estimates by 72 cents.
PNC Financial (NYSE:PNC): Revenue of $4.2 billion decreased 8.9% year over year and beat estimates by $100 million. Fourth-quarter GAAP earnings of $3.26 per share beat estimates by 65 cents.
Lifted buyback restrictions and lower than estimated actual credit losses were highlights, though financials as a sector were lower for the day.
On the economic calendar:
Retail sales decreased 0.7% in December following a decrease of 1.4%. Retail sales excluding autos decreased 1.4%. Year over year, retail sales increased 2.9%, down from the previous report of 3.7%.
The New York Empire State Manufacturing Index decreased to 3.5 from 4.9.
Business inventories increased 0.5% in November following an increase of 0.8%.
The Michigan Consumer Sentiment Index decreased to 79.2 in January from 80.7
The Baker Hughes weekly oil rig count showed an increase of 13 rigs in the U.S., an increase of 44 rigs in Canada and a decrease of four rigs internationally.
The Producer Price Index increased 0.3% in December and 0.8% year over year. The Core Producer Price Index increased 0.1% in December and 1.2% year over year.
The Industrial Production and Capacity report was released. Industrial production increased 1.6% in December and decreased 3.6%year over year. Manufacturing production increased 0.9% in December and decreased 2.8% year over year. Capacity utilization increased to 74.5% from 73.4%.
Across the board:
Chinese smartphone maker Xiaomi (XIACF) was added to a sales blacklist under Trump order.
The Securities and Exchange Commission is investigating Exxon Mobil (NYSE:XOM) over Permian Basin asset valuations.
GameStop (NYSE:GME) -10.87%
Facebook (NASDAQ:FB) +2.33%
Home Depot (NYSE:HD) +2.70%
In small caps, the Russell 2000 closed at 2,123.20 for a loss of 32.15 points or -1.49%. The S&P 600 closed at 1,211.91 for a loss of 20.79 points or -1.69%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,770.74 for a loss of -\219.56 points or -1.46%. The Dow Jones U.S. Small-Cap Value Index closed at 9,656.56 for a loss of 125.14 points or -1.28%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,424.03 for a loss of 24.35 points or -0.99%; the S&P 100 at 1,716.11 for a loss of 13.63 points or -0.79%; the Nasdaq 100 at 12,803.93 for a loss of 94.76 points or -0.73%; the Russell 3000 at 2,273.88 for a loss of 18.14 points or -0.79%; the Russell 1000 at 2,135.51 for a loss of 15.91 points or -0.74%; the Wilshire 5000 at 39,652.53 for a loss of 302.55 points or -0.76%; and the Dow Jones U.S. Select Dividend Index at 722.30 for a loss of 6.55 points or -0.90%.
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This article first appeared on GuruFocus.