Your Tuesday Market Blip 1/19/21

Your Tuesday Market Blip 1/19/21

Stocks opened the trading week with a positive move to the upside as the Dow gained 116 on 30,930. Trading volume was well off and both IBD and BTS indicators remain positive. Word out of Washington DC is that Congress is considering more and bigger stimulus which could drive markets higher.
Bank of America reported earnings this morning and the results were better than expected. CEO Brian “Money” Moynihan said " In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity," The company plans on pulling $828 million from reserves and unveiled a $3 billion share buyback which is the maximum under allowed regulations. Bank deposits grew 23% year over year to $1.7 trillion.
Goldman Sachs reported stellar earnings beating estimates by a mile with a 4% revenue drop and a 158% gain in profits. The big investment bank benefited from recovering markets around the world as equity revenue jumped 40% while consumer banking was up 52% and asset management increased 16%. Shares are trading near all-time highs.