Hopes up. Stocks rose moderately on Monday during a rather quiet session. Investors were eyeing tech giant Alphabet (ticker: GOOGL), which reported fourth-quarter revenue growth after the close. President Donald Trump will deliver his second State of the Union address on Tuesday, and investors will be watching for guidance on the year ahead after the longest government shutdown in the previous month. In today’s After the Bell, we…
memorize the retirement of a “bond king”; examine how market’s January performance might predict the rest of the year; and look into the ongoing fourth-quarter earnings reports.
A King Steps Down
Markets were largely calm on Monday, awaiting further progress in key geopolitical events including the U.S.-China trade talk and Brexit. All three indexes ended with gains.
The Dow Jones Industrial Average added 175.48 points, or 0.70%, to close at 25,239.37. The S&P 500 rose 18.34 points, or 0.68%, to end at 2724.87, and the Nasdaq Composite surged 83.67 points, or 1.15%, to close at 7347.54.
Billionaire “bond king” Bill Gross announced his retirement from Janus Henderson on Monday, marking the “end of an era” for modern fixed-income investing. Co-founder of powerhouse Pacific Investment Management Co., or Pimco, Gross was named fixed-income manager of the decade (2000 to 2009) by Morningstar. “Gross was a pioneer of active bond management who had an enormous influence on Pimco’s investment process, client returns, and the careers of the firm’s talented portfolio management team,” Pimco said in an emailed statement. “We wish him well in retirement.”
Stocks have staged an impressive comeback in January following last year’s volatility.