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Financial Market Summary 5 Feb 2021

Financial Market Summary

  • U.S. stocks galloped to new records with the S&P 500 (+1.09%), blue-chip Dow Jones Industrial Average (+1.08%) and the tech-centric Nasdaq Composite (+1.23%) all up on signs of a healing labor market and hints that things are improving on the coronavirus front.
  • Asian stocks pushed higher Friday following Wall Street’s lead.
  • The benchmark U.S. 10-year Treasury yield was steady at 1.14% after a widely watched segment of the yield curve steeped to levels last seen in 2015.
  • The dollar held an overnight gain.
  • Oil continued to rise with March 2021 contracts for WTI Crude Oil (Nymex) (+0.75%) at US$56.65 as positive sentiment in stocks spilled over to oil on hopes of a more speedy economic recovery.
  • Gold was little changed after Thursday’s decline with April 2021 contracts for Gold (Comex) (+0.25%) at US$1,795.70.
  • Bitcoin (-2.14%)  fell to US$36,995 as inflows into exchanges lagged outflows (outflows typically suggest that traders are looking to hold Bitcoin in anticipation of higher prices).

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