Financial News
Elon Musk's SpaceX wins $2.9 billion NASA moon landing contract External Link

Privately held Space Exploration Technologies Corp., or SpaceX, was selected by NASA on Friday to move forward in developing a human landing system to carry the next two U.S. astronauts to the moon "and pave the way for sustainable lunar exploration." That's under NASA's Artemis program, which aims to return humans on the moon, collaborating with commercial and international partners, and eventually send astronauts to Mars. Elon Musk is chief executive on SpaceX as well as Silicon Valley electric-car maker Tesla Inc. SpaceX in February announced plans to send four space tourists to orbit later this year on a mission to raise awareness for a children's hospital. Last month, the company's prototype Mars rocket Starship broke apart while attempting to land.

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Fri, 16 Apr 2021 20:30:07 GMT
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Dow, S&P 500 log back-to-back record closes to end strong week for stocks, buoyed by strong economic data, earningsExternal Link

U.S. stocks on Friday finished the week on a strong note, with the Dow and S&P 500 posting their second consecutive closing records and the Nasdaq Composite ending within a stone's throw of its record. Bullish investors point to a strong start to earnings season from the likes of JPMorgan Chase & Co. and Goldman Sachs Group coupled with blowout economic reports, notably a 10% rise in retail sales in March and weekly jobless claims figures falling to a pandemic low. Further helping lift buying momentum was a momentary pause in a climb for bond yields, which had previously been a sign of rising borrowing costs for investors and companies. The 10-year Treasury note yield finished at 1.571% on Friday, up on the day but down nearly 10 basis points on the week, marking its sharpest weekly drop in about 10 months. Against that backdrop, the Dow Jones Indusrtrial Average closed up by about 165 points, or 0.5%, to reach around 34,200, extending its climb beyond the 34,000 milestone achieved on Thursday. The S&P 500 index closed at a record high, up 0.4% to 4,185, while the Nasdaq Composite Index closed up 0.1% at 14,052, about 0.3% from its closing high or a little over 40 points. For the week, the Dow booked a 1.2% gain and the S&P 500 ended 1.4% higher, marking their fourth consecutive weekly climbs. The Nasdaq Composite closed up 1.1% for the week to mark its third straight weekly advance.

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Fri, 16 Apr 2021 20:12:41 GMT
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Dow transports set to eke out the longest weekly win streak in 32 yearsExternal Link

The Dow Jones Transportation Average was rising 0.1% in afternoon trading Friday, and looks set to eke out the longest weekly gain since the late-1980s. The Dow transports has edged up 0.2% this week, which would mark the 11th-straight weekly gain. That would be the longest such streak since the 11-week stretch that ended Feb. 3, 1989. The index has run up 23.6% during its weekly win streak. In comparison, its sister index the Dow Jones Industrial Average was up 1.2% this week and was headed toward a fourth-straight weekly gain, and ninth gain in the past 11 weeks, and has advanced 14.1% over the past 11 weeks. Both Dow sister indexes are set to close at weekly records, which is a bullish sign for the broader stock market. One of the six basic tenets of the century-old Dow Theory of market analysis, according to the CMT Association, is that no important bull or bear market signal could take place unless both averages gave the same signal. The idea is, the indexes have a symbiotic relationship, since transports take what the industrials make; if the companies in one of the indexes isn't performing, there's a good chance companies in the other won't either.

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Fri, 16 Apr 2021 19:06:36 GMT
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Oil futures end lower for the session, up over 6% for the weekExternal Link

Oil futures fell on Friday, pulling back on the heels of four consecutive session gains, but finished the week up by more than 6%. Forecasts for higher oil demand and declines in U.S. crude inventories contributed to the weekly price climb. May West Texas Intermediate crude fell 33 cents, or 0.5%, to settle at $63.13 a barrel on the New York Mercantile Exchange. Prices for the front-month contract logged a weekly rise of 6.4%, according to FactSet data.

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Fri, 16 Apr 2021 18:44:19 GMT
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Squarespace files for direct listingExternal Link

Squarespace Inc. filed paperwork Friday for a direct-listing that would enable shares of the website-design company to trade on the New York Stock Exchange without the company raising money through a traditional initial public offering. Squarespace, which makes tools for building and hosting websites, generated revenue of $621.1 million in 2020, up from $484.8 million in 2019. The company is profitable but saw its net income decline to $30.6 million in 2020 from $58.2 million a year earlier. Squarespace had 3.66 million unique subscriptions to its platform as of the end of December. The company said in a filing that it's benefitting from a rise in online commerce and a growing interest from brands to develop better direct relationships with consumers. The company intends to list on the NYSE using the ticker SQSP. The company has yet to disclose when it plans to conduct the direct listing or how many shares will be made available in the process. Squarespace's filing comes after Coinbase Global Inc. held its own direct listing earlier this week.

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Fri, 16 Apr 2021 18:21:58 GMT
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