Your Thursday Blip 1/7/21

Your Thursday Blip 1/7/21

Stocks bolted to a new high after Congress certified the Electoral College results officially making Joe Biden the 46th President-elect of the United States. Outgoing President Trump promised an orderly transition of power and markets responded by setting a new high. At the close the Dow was up 211 at 31,041. Trading volume was lower on the day.
The rise of Tesla to new highs has made Elon “Meglomaniac” Musk the richest man in the world. A year ago Elon was worth an estimated $27 billion but with the meteoric rise in Tesla’s share price he blew by Warren Buffett and Bill Gates back in November. Someone said that Musk went by Gates so fast that Bill got out of his car thinking he was stopped. With the latest surge in Tesla’s value this week Elon has now officially surpassed Jeff Bezos to take the crown of “WRM”.
Solar stocks continued to trade higher on the prospect of a green energy infrastructure boom. PE Biden has outlined a $2 trillion plan to fight climate change and part of this is putting the US on a path to 100% clean energy. According to Inventors Business Daily the Energy-Solar industry group now ranks #1 out of the 197 industry groups. While all this is great the only fly in the ointment is that these stocks are pricy with PE ratios in triple digits.

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