Cisco Systems Inc
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Company profile

Cisco Systems, Inc., is engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud. It operates through three geographic segments: Americas; Europe, Middle East, and Africa; and Asia Pacific, Japan, and China. Its product and technologies include infrastructure platforms; applications; security and other products. Infrastructure Platforms consists of its core networking technologies of switching, routing, data center products and wireless that are designed to work together to deliver networking capabilities and transport and store data. Application product category consists primarily of software-related offerings that utilize the core networking and data center platforms to provide their functions. Security product category primarily includes unified threat management products, threat security products and Web security products. Its subsidiary, ThousandEyes, Inc., offers Internet and cloud intelligence platform.

Closing Price
$45.43
Day's Change
0.28 (0.62%)
Bid
--
Ask
--
B/A Size
--
Day's High
45.65
Day's Low
44.88
Volume
(Heavy Day)
Volume:
30,271,669

10-day average volume:
20,538,554
30,271,669

UPDATE: Dow surges above 31,000 after Biden confirmed president, economic data improves

12:58 pm ET January 7, 2021 (MarketWatch)
Print

By Mark DeCambre

U.S. service and manufacturing sector indicators improve

U.S. benchmark stock indexes climbed to new records Thursday after Congress confirmed President-elect Joe Biden's election win, offering the prospect of more financial aid for consumers and businesses coping with the coronavirus pandemic.

Markets looked past the violent protests by President Donald Trump's supporters in Washington on Wednesday and the president promised an orderly transition of power on Jan. 20.

On Wednesday (https://www.marketwatch.com/story/u-s-tech-stocks-set-to-skid-as-bond-yields-drive-higher-after-democrats-flip-senate-seat-11609935766?mod=market-snapshot), the Dow and small-capitalization Russell 2000 ended at record highs but off their best levels of the day as equity markets pared gains somewhat amid the chaos in Washington.

The positive tone to trading on Thursday suggested investors were focused on the prospect of a more aggressive fiscal agenda under a new Biden administration, said Esty Dwek, head of global market strategy at Natixis Investment Managers.

The political wins by Democrats Jon Ossoff and Raphael Warnock in the Senate runoff elections on Tuesday raise the prospect of additional coronavirus fiscal relief measures and other legislation (https://www.marketwatch.com/story/10-biden-tax-proposals-that-will-sail-through-a-democratic-controlled-senate-and-how-to-prepare-for-them-11609958777?mod=mw_latestnews)that could boost the U.S. economy after Biden is sworn in on Jan. 20.

U.S. stocks scored an additional boost after the Institute for Supply Management's nonmanufacturing or services sector survey of activity rose to 57.2% in December from 55.9% in the prior month.

The unexpected rebound in the ISM services index (https://www.marketwatch.com/story/service-side-of-u-s-economy-speeds-up-in-december-but-virus-hurts-employment-11610033490?mod=mw_latestnews) to 57.2 in December, from 55.9, is hard to square with the range of other evidence showing that the latest wave of coronavirus cases and restrictions on businesses are starting to weigh more heavily on the economy, particularly services.

Indeed, the U.S. economy will likely experience a significant slowdown early in 2021, Philadelphia Federal Reserve President Patrick Harker said (https://www.marketwatch.com/story/feds-harker-sees-significant-slowdown-in-u-s-economy-in-first-three-months-of-year-11610037867?mod=mw_latestnews)on Thursday.

But the report on services comes after manufacturing activity (https://www.marketwatch.com/story/u-s-manufacturers-grow-faster-in-december-despite-coronavirus-surge-ism-finds-11609859979) grew in December at the fastest pace since the coronavirus pandemic erupted last spring.

"Like the manufacturing survey released earlier this week, the headline services reading received an artificial boost from a jump in the supplier deliveries component, which reflects virus-related disruption rather than stronger demand," wrote Andrew Hunter, senior U.S. economist at Capital Economics.

In other economic data, a weekly report on initial state jobless claims (https://www.marketwatch.com/story/jobless-claims-fall-slightly-to-787-000-in-first-week-of-new-year-layoffs-still-high-11610027306?mod=mw_latestnews) dipped by 3,000 to 787,000 for the week ended Jan. 2, while the U.S. trade deficit widened i (https://www.marketwatch.com/story/u-s-trade-deficit-widens-8-in-november-11610026835)n November.

The ongoing slow recovery of the economy in the face of coronavirus pandemic is being pointed to as one reason for the market's apparent dismissal of Wednesday's civil unrest in Washington.

"There should be no mystery as to why the markets didn't care about what happened in the [Capitol] yesterday, however disturbing, disgraceful, and embarrassing it was. It's because it has no bearing on the direction of the economy, earnings and interest rates. It's that simple," wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group.

Read: Why the stock market rallied even as a violent mob stormed the Capitol (https://www.marketwatch.com/story/why-stocks-and-financial-markets-shrugged-as-a-violent-mob-stormed-the-capitol-11609972407?mod=home-page)

Which stocks are in focus?

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

January 07, 2021 12:58 ET (17:58 GMT)

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