US Stock Market Overview – Stock Rally Led by Energy and TechnologyNetflix hits the cover off the ball
U.S. stocks moved higher on Tuesday, led by gains in the Nasdaq. Growth and value were both strong. Most S&P 500 index sectors were higher, led by gains in energy and technology, real-estate bucked the trend. Janet Yellen was on the hill testifying for her confirmation hearing in front of the senate. She said she would focus on the American worker if confirmed. U.S. Yields moved lower along with the dollar as crude oil prices moved higher. Netflix reported after the closing bell, beating expectations on the top and bottom line. The stock immediately popped more than 5%. The company said in a statement that they no longer will need to raise capital by external financing. Money will now go to stock buybacks. Goldman Sachs reported financial results before the opening bell. Gains in trading and investment banking drove the better than expected top and bottom line.
Yellen Hearing to Be Treasury Secretary was Held on Tuesday
Janet Yellen told lawmakers she would make the needs of America’s workers her core focus if confirmed as the next U.S. Treasury secretary. The former Chair of the Federal Reserve said that she would ensure the U.S. has a competitive economy that offers good jobs and wages workers in cities and rural areas.
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Goldman Reported Better than Expected Results
Goldman Sach reported a profit of $4.51 billion in the Q4 or $12.08 per share, which was more than double Goldman’s profit from the same quarter a year ago. Both quarterly net income and quarterly revenue of $11.74 billion were much better than the expectations of of $7.39 a share on revenue of $9.99 billion.