On Monday Dow futures rose, in an advance that would exceed the 30-stock average’s closing record and its intraday all-time high, both of which happened last month. The S&P 500 and Nasdaq on Friday closed at record highs, while the Dow’s gain was about 40 points shy of a closing record.
All three stock benchmarks logged their best weeks since November. Tesla (TSLA), in an SEC filing, said the electric auto maker has purchased $1.5 billion worth of bitcoin after changing its investment policy last month. Bitcoin soared over $43,000 in an all-time high Monday. The Tesla filing also said, “We expect to begin accepting bitcoin as a form of payment for our products.”
The Reddit-fueled trading frenzy around short-squeeze names receded as shares of GameStop (GME) lost 70% last week, even with Friday’s 19% gain. The previous week, the video game retailer’s stock soared 400%. Shares rose 12% in Monday’s premarket trading.
The U.S. economy could return to full employment in 2022 if President Joe Biden’s $1.9 trillion coronavirus rescue package were passed, Treasury Secretary Janet Yellen said Sunday. Long-term unemployment is around a historical peak. While Biden has said he wants to get GOP support for his Covid relief measure, Democrats are taking steps toward passing his approach without any Republican votes.
Pennsylvania Sen. Pat Toomey, one of Donald Trump’s harshest Republican critics in the wake of the Jan. 6 attack on the U.S. Capitol, said Sunday he sees a conviction of the former president at his impeachment trial as “very unlikely.” Trump’s unprecedented second Senate impeachment trial will start on Tuesday.
South Africa has suspended plans to inoculate its frontline health care workers with AstraZeneca’s vaccine after a small clinical trial suggested it was not effective in preventing mild to moderate illness from the variant dominant in that country. The disappointing early results from the study, which has yet to be peer-reviewed, indicated that giving the AstraZeneca vaccine may not be useful in South Africa.