HomeBusinessAffirm Jumps 46.7% After Amazon Deal Announced

Affirm Jumps 46.7% After Amazon Deal Announced

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Stocks wound up mixed on Wall Street Monday, with the S&P 500 index managing just enough of a gain to mark another record high. The Dow Jones Industrial Average slipped and small-company stocks fell. Gains for a handful of Big Tech companies were the main driver behind the 0.4% increase in the S&P 500 index, where slightly more stocks fell than rose. Apple, Amazon and Facebook all rose 2% or more. The tech-heavy Nasdaq added 0.9%. Affirm soared 46.7% after the payments company announced a deal last week with Amazon to offer shoppers a buy-now-pay-later option that doesn’t involve credit cards, the AP reports. The S&P 500 rose 19.42 points to 4,528.79. The Dow Jones Industrial Average fell 55.96 points, or 0.2%, to 35,399.84. The Nasdaq rose 136.39 points to 15,265.89.

Energy prices were mixed as the the full impact of Hurricane Ida is still being assessed. The storm will likely take a toll on the energy, chemical, and shipping industries that have major hubs along the Gulf Coast, but the impact on the overall US economy should be modest so long as damage estimates don’t rise sharply and refinery shutdowns are not prolonged, economists suggested. Crude oil prices rose 0.8%, while natural gas prices slumped 2.5% as Colonial Pipeline shut down deliveries in the south until it can assess damage from the storm. Investors have several key economic reports to look forward to this week, including consumer confidence on Tuesday and the closely watched monthly employment survey from the Labor Department on Friday.

(Read more stock market stories.)


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