Global stocks posted their worst week since October on concerns over new developments with the coronavirus. The S&P 500 and Dow sank 3.3% for the week. Abroad, the FTSE All World Ex US dropped 3.7% for the week. The yield on the 10-year Treasury was flat for the week ending at 1.11%.
Several individual stocks surged over the week aided by individual investors. GameStop gained 400% and AMC jumped 278%.
US consumer confidence rose in January.
The Fed concluded its January meeting keeping all its supportive policies in place, saying the economy has cooled off more recently as a result of the upswing in COVID-19 cases.
Weekly jobless claims declined to 847,000.
Fourth quarter GDP grew 4%, slightly below expectations.
US household income rose in December for the first time in three months.
US consumer spending fell 0.2% for the second straight month, but topped expectations.
With nearly a third of S&P 500 firms reporting earnings to date, 81% have topped expectations.