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What Did the Stock Market Do? Jan. 22, 2021

Latest Updates:


Nasdaq Stands Out With Gains to Close Friday

[Friday, January 22, 4:05 pm]
Contributed by Sarah Smith

  • The S&P 500 closed lower by 0.3%
  • The Dow Jones Industrial Average closed lower by 0.57%
  • The Nasdaq Composite closed higher by 0.09%
  • The Russell 2000 closed higher by 0.9%

GameStop Soars on Powerful Short Squeeze

[Friday, January 22, 4:02 pm]
Contributed by Sarah Smith

There is no denying that video game retailer GameStop (NYSE:GME) was a top winner today.

Shares have been on a tear, rocketing 1,000% higher in the last few months. The story largely starts when Chewy (NYSE:CHWY) founder Ryan Cohen took an activist stake in the struggling firm. GameStop added Cohen and two other former Chewy execs to its board and acknowledged a turnaround play is in the works. At the same time, the internet has played a huge role in the rise of GME stock. Today, we saw the results of that, as shares shot up thanks to a powerful short squeeze.

For more on what that means, read the InvestorPlace.com brief here.


Midday Update: Major Indices Remain in the Red

[Friday, January 22, 1:39 pm]
Contributed by Sarah Smith

  • The S&P 500 is lower by 0.15%
  • The Dow Jones Industrial Average is lower by 0.29%
  • The Nasdaq Composite is flat
  • The Russell 2000 is higher by 0.06%

Friday Winners: CLII Soars on EVgo SPAC News

[Friday, January 22, 12:14 pm]
Contributed by Sarah Smith

The major indices may be in the red, but a few stocks are pulling ahead to win big on Friday. One of those leading names is Climate Change Crisis Real Impact I Acquisition Corporation (NYSE:CLII). The special purpose acquisition company sure does have a long name, but it is also offering investors quite the reason for excitement. Why?

Well, it shared this morning that it will bringing EVgo to the public markets through a reverse merger. Importantly, EVgo is the largest electric vehicle charging company in the United States, with more than 800 locations. This means that CLII stock is a great way to capitalize on the broad interest in electric vehicles. It also looks like a great way to take play into new climate actions by President Joe Biden. His first few days in office have already sparked home for environmental challenges, and could spell big federal support for EV charging initiatives.

For more, read the InvestorPlace.com brief on CLII stock here.


5 Top Stocks to Buy for Growth in 2021

[Friday, January 22, 11:41 am]
Contributed by Sarah Smith

What a week for the stock market, and what a week for the world.

Through it all, certain segments of the market have continued to captivate investors and spark excitement. These segments are all about innovation. Fintech, electric vehicles, space exploration. All offer excitement that extends beyond this week, this month or even this year. That is why some of the best stocks to buy in 2021 all represent these rapid-fire growth opportunities.

InvestorPlace took a look at these top trends to help you prep your portfolio. Start with these five stocks now:

  • Nio (NYSE:NIO)
  • Stem (NYSE:STPK)
  • Affirm (NASDAQ:AFRM)
  • Canoo (NASDAQ:GOEV)
  • Momentus (NASDAQ:SRAC)

3 Big Stories to Watch Today

[Friday, January 22, 9:34 am]
Contributed by Sarah Smith

  1. Cryptocurrencies. Leading crypto names are proving just how volatile they can be this week. Bitcoin (CCC:BTC) briefly fell below $30,000, after setting a new record high above $40,000 earlier in January. At current prices, it is now 25% below that high. Ethereum (CCC:ETH), which has also set a series of all-time highs recently, fell 22% on Thursday. As we wrote yesterday, some skeptics are using this pullback as a talking point. Some are even calling for BTC to hit $20,000 once more. But what is behind the plunge? While investors can largely chalk it up to volatility, new Treasury Secretary Janet Yellen is also notoriously a critic.
  2. Covid-19… and vaccines. News yesterday that President Joe Biden would invoke the Defense Production Act stirred up quite a bit of attention. Today, he will further address Covid-19 through a series of executive orders. These will cover food benefits and workers’ rights, tackling more of the economic fallout from the pandemic. At the same time, Dr. Anthony Fauci is delivering some bad news. Earlier this morning he shared that existing vaccines from Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA) may be less effective against new coronavirus strains.
  3. Remember the U.S.-China trade deal? New data from the Peterson Institute for International Economics takes a close look at the state of the phase-one trade deal, which emerged from negotiations between former President Donald Trump and Chinese President Xi Jinping. According to a study of customs data, China failed to meet targets for the amount of U.S. goods it imported. While this news alone will not rock the markets, it highlights the challenge at hand. Biden is inheriting trade obstacles and recent allegations by the State Department that China is committing genocide against the Uighurs and other majority Muslim ethnic groups. In the weeks and months ahead, how he responds will be key.

Major Indices Dip to Open Friday

[Friday, January 22, 9:32 am]
Contributed by Sarah Smith

  • The S&P 500 opened lower by 0.47%
  • The Dow Jones Industrial Average opened lower by 0.66%
  • The Nasdaq Composite opened lower by 0.38%
  • The Russell 2000 opened lower by 0.89%

Stock Market Futures Sink

[Friday, January 22, 7:51 am]
Contributed by Sarah Smith

  • S&P 500 futures are down 0.72%
  • Dow Jones Industrial Average futures are down 0.81%
  • Nasdaq Composite futures are down 0.58%
  • Russell 2000 futures are down 0.93%
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Article printed from InvestorPlace Media, https://investorplace.com/stock-market-live-updates-friday-stock-market-today-news-01222021/.

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