In Biden’s First Full Week, The S&P 500 Records Its Worst Week Since October – Bringing the Market Into Loss Territory for the Year

In Biden’s First Full Week, The S&P 500 Records Its Worst Week Since October – Bringing the Market Into Loss Territory for the Year

In the first week of the new Administration the markets got killed. 

The markets took a bashing as the Biden gang attempted to take over the country with numerous job killing and America destroying Executive Orders.

Yahoo Finance reported:

Stocks sank Friday, closing out the week and month lower after a volatile stretch of trading.

The S&P 500 shed 1.9%, erasing its gains for January and 2021 to date. The index’s weekly loss came out to 3.3%, its worst since October. During Friday’s session, the Dow shed more than 600 points, or about 2%, to close below 30,000 for the first time in six weeks, and the Nasdaq also sank by 2%.

Shares of some of the heavily shorted stocks that had become popular picks among members of Reddit’s r/wallstreetbets forum surged anew after sliding on Thursday. GameStop (GME) shares rocketed higher by about 70% on Friday after nearly halving on Thursday. The stock closed at $65.01 per share a week ago, but by Friday’s close, was higher by more than 400% to $328.24 per share. Shares of AMC (AMC) also soared Friday after plunging on Thursday, as did shares of BlackBerry (BB), Express (EXPR), Bed Bath & Beyond (BBBY) and Nokia (NOK).

Over the course of this week, trading in these and other heavily shorted names generated historic trading volumes in equity markets, surpassing even the volume of trades taking place at the most volatile points of the pandemic in 2020. More than 23.6 billion shares of U.S.-traded stocks were exchanged on Wednesday this week, according to Bloomberg data, marking the most ever in records spanning back more than a decade.

In his first day in office, Biden killed an estimated 52,100 good paying jobs:

Woo-Hoo! Biden Kills Off an Estimated 52,100 Jobs in First Day as President — During a Pandemic!

The economy is already moving in the wrong direction since the gang took over.  What a dishonest mess of an Administration.

The post In Biden’s First Full Week, The S&P 500 Records Its Worst Week Since October – Bringing the Market Into Loss Territory for the Year appeared first on The Gateway Pundit.

Source: thegatewaypundit