US Stock Market Overview – Stocks Rally Led by Technology; Yields Continue to Rise

US stocks moved higher on Thursday, driven by gains in the Nasdaq. Most sectors in the S&P 500 index were higher, with technology leading the charge. Utilities bucked the trend. US yields moved higher, following solid jobless claims data, which weighed on the interest-rate sensitive stocks. The US Transportation secretary resigned on Thursday, following the storming of the capital by pro-Trump supporters. Tesla shares rocketed to new highs making Elon Musk the world’s richest man.

Elaine Chao became the first cabinet member to step down, citing the “entirely avoidable” storming of the Capitol building by pro-Trump supporters. Democratic congressional leaders Chuck Schumer and Nancy Pelosi joined a growing number of lawmakers pressing for the president’s ouster.

Jobless Claims Slip

Weekly claims totaled 787,000 for the week ended January 2, according to the Labor Department reported Thursday. That was less than estimates of 815,000 and a slight decrease from the upwardly revised total of 790,000 for the previous week. The report also showed a drop of 126,000 in continuing claims, taking the total down to 5.07 million.

Tesla Shares Soar; Musk Becomes Richest Man in the World

Elon Musk became the richest person globally, with a net worth of more than $185 billion. Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos. Over the past year, musk’s wealth surge marks the fastest rise to the top of the rich list in history. Musk started 2020 worth about $27 billion, and was barely in the top 50 richest people. Tesla’s rocketing share price — which has increased more than nine-fold over the past year — along with his generous pay package have added more than $150 billion to his net worth.