Dow Jones Gains Despite Job Losses; Cisco's Deal for Acacia Terminated; Boeing Criminally Charged for 737 MAX Debacle
The stock market rose Friday morning despite a jobs report that fell far short of expectations. Nonfarm payrolls declined by 140,000 in December, according to the U.S. Labor Department, the first decline since April. This news comes soon after Congress passed a $900 billion pandemic relief bill.
With the economy stalling and Democrats set to control the White House and both houses of Congress later this month, additional economic stimulus is likely. The market may be rising on the expectation that more government support is coming, or on optimism over the rollout of COVID-19 vaccines. The Dow Jones Industrial Average (DJINDICES: ^DJI) was up 0.14% at 9:45 a.m. EST.
Cisco Systems (NASDAQ: CSCO) stock was up on Friday despite the acquisition of Acacia Communications (NASDAQ: ACIA) being terminated by Acacia due to issues getting regulatory approval in China. Meanwhile, shares of Boeing (NYSE: BA) were down slightly after the company was charged with fraud conspiracy and agreed to pay massive fines related to the 737 MAX.
Source Fool.com
