Stocks closed at record highs on Friday to end the first trading week of the year as traders weighed the prospects of new fiscal aid as well as disappointing U.S. jobs data.

The S&P 500 rose 0.6% to 3,824.68. The S&P 500 posted four-day winning streaks. The consumer discretionary and real estate sectors each rose more than 1%, lifting the S&P 500. 

Stocks hit their session lows around 1:40 p.m. ET — with the Dow briefly falling more than 200 points — after Democratic Sen. Joe Manchin told The Washington Post he would “absolutely not” support a round of $2,000 stimulus checks. President-elect Joe Biden had promised to pass a measure for bigger stimulus checks if Democrats secured a Senate majority, which they did earlier this week.

The U.S. economy lost 140,000 jobs in December, the Labor Department said. Economists polled by Dow Jones expected a gain of 50,000.

The unexpected drop in employment came as the recent surge in Covid-19 cases across the country has forced state and local governments to re-take stricter measures to mitigate the outbreak. 
 

Plan A : Short if market failed to support above 3791. Targets are 3765, 3741 and 3710.

Plan B : Long if market doesn't retrace much and supported firm above 3791. Targets are 3809, 3825 and 3838.

Stock futures fell in early morning trading Monday as investors assessed the outlook for more Covid-19 relief stimulus.

The Nasdaq Composite popped 1% to 13,201.98. The Nasdaq got a boost from Tesla, which rose 7.8%.

The stock market is coming off a solid week to start 2021 as investors looked past a violent siege of the Capitol and focused on the prospect for additional fiscal stimulus after a Democratic sweep of Congress. The tech-heavy Nasdaq Composite gained 2.4% in the prior week, also reaching all-time highs.

President-elect Joe Biden pledged Friday a hefty economic stimulus rollout, which he said will be “in the trillions of dollars.” More details will follow in a formal announcement on Thursday, six days before he is slated to take office.

Last week, the benchmark 10-year Treasury yield broke above 1% for the first time since the pandemic-driven turmoil in March.
 

Plan B : Long if market doesn't retrace much and supported firm above 12994. Targets are 13025, 13056 and 13088.

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