Investing.com - the stock market in the United States approached on Thursday to new record highs, following a pulse generated by macroeconomic policies, since the surge of shares of enterprises producing marijuana was similar to the story with Gamestop (NYSE: GME) and other problematic assets of the 1990s .
By 09:40 in the morning East time (14:40 Greenwich) The Dow Jones index rose by 35 points, or 0.1%, to 31.472 points, while S & P 500 rose by 0.4%, and NASDAQ index Composite - 0.5%. The growth began after the report showed another slight improvement in the labor market trend: the number of primary applications for unemployment benefits last week dropped below 800 thousand.
Analysts stated that this report corresponds to the expectations of a wide recovery of the economy in the coming weeks as the pandemic retreats.
"Due to the sharp drop in the number of cases of diseases of COVID-19 and hospitalizations, the economy begins to recover, although very slow and inhomogeneously, but the direction of movement is clear," said Yang Shepherdson, Chief Economist Pantheon MacroeConomics. - Seasonal patterns suggest that the number of applications is likely to only slightly decrease over the next few weeks, but the main force as the Spring approaches will be the extinction of COVID-19 and the resumption of enterprises. "
However, the shares of cannabis producers who took off like a star, attracting the attention of retail investors in chat rooms on social networks, lost their achievements. Shares Tilray (NASDAQ: TLRY) fell by 27%, Aphria shares (TSX: APHA) - by 15.6%, and CANOPY GROWTH shares (TSX: WEED) - by 15.2%.
Shares of Uber Technologies (NYSE: Uber) fell 1.7% after the company reported more significant than expected, loss for the last quarter of 2020. This fall only partly adjusted recent growth: the expectation of a sharp revival of the main operations of the company for the delivery of passengers as the economy recovered has led to an increase in shares by 25% from the end of January.
Zillow shares (NASDAQ: ZG) jumped by 15% after the online realtor published a convincing quarterly report. He also announced plans to purchase Showtime from Chicago for $ 500 million.
Meanwhile, Pinterest shares (NYSE: PINS) added 4.3% after the report that Microsoft (NASDAQ: MSFT) considered the possibility of acquiring the company.
Author Jeffrey Smith
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