Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

US STOCKS-S&P 500, Dow at record levels on fiscal aid relief, vaccine optimism

Published 12/30/2020, 12:15 AM
Updated 12/30/2020, 12:20 AM
US500
-
DJI
-
AAPL
-
TSLA
-
IXIC
-
VIX
-
SPSY
-
SPNY
-
SPLRCI
-

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* U.S. Senate to vote on $2,000 COVID-19 aid checks
* Boeing rises on first 737 MAX flight after safety ban
* Snapchat-owner Snap Inc jumps on price target raise
* Dow up 0.04%, S&P up 0.09%, Nasdaq down 0.10%

(Updates to open)
By Devik Jain and Supriya R
Dec 29 (Reuters) - The S&P 500 and the Dow hovered at record
levels in choppy trading on Tuesday as bets that fiscal aid will
fuel a vaccine-led economic recovery boosted sentiment in the
final days of the year.
The tech-heavy Nasdaq, however, retreated as investors
locked in profit in some of the market leading names such as
Apple Inc AAPL.O and Tesla Inc TSLA.O .
Wall Street's three main indexes opened at new highs for a
second straight session after President Donald Trump signed a
$2.3 trillion fiscal bill that restored jobless benefits to
millions of Americans and averted a federal government shutdown.
While the Democratic-led U.S. House of Representatives
approved a proposal to increase the COVID-19 payment checks to
$2,000 from $600, it faces a tough path in the
Republican-controlled Senate on Tuesday.
"This stimulus package represents an economic bridge until
full vaccination... It's a very good thing for the economy, for
the people who are hurt and for the stock market," said Thomas
Hayes, managing member at Great Hill Capital Llc in New York.
Meanwhile, more than 2 million Americans have been
inoculated, helping investors overlook a surge in infections
that topped 19 million, with California, a major U.S. virus hot
spot, likely to extend strict stay-at-home orders. Unprecedented monetary as well as fiscal stimulus and
positive vaccine data have helped the S&P 500 .SPX bounce back
from a virus-led crash in March.
The benchmark index is looking at its best fourth-quarter
performance since 2003 as investors returned to
economically-sensitive stocks from the so called 'stay-at-home'
plays on hopes of economic recovery.
After a recent rally on hopes of full economic reopening,
financial .SPSY , energy .SPNY and industrials .SPLRCI
posted the steepest losses among the S&P sectors.
At 10:40 a.m. ET, the Dow Jones Industrial Average .DJI
rose 11.99 points, or 0.04%, to 30,415.96, the S&P 500 .SPX
gained 3.26 points, or 0.09%, to 3,738.62 and the Nasdaq
Composite .IXIC fell 12.94 points, or 0.10%, to 12,886.49.
The CBOE volatility index .VIX ticked higher after hitting
a three-week low with trading volumes expected to be low in the
holiday-shortened week.
Shares of planemaker Boeing Co BA.N added 1% as its 737
MAX plane resumed passenger flights in the United States for the
first time after a 20-month safety ban was lifted last month.

Snapchat owner Snap Inc SNAP.N gained 8% after Goldman
Sachs raised its price target on the stock on upbeat revenue
growth prospects. Declining issues outnumbered advancers by a 1.6-to-1 ratio
on the NYSE and by a 2.6-to-1 ratio on the Nasdaq.
The S&P 500 posted 21 new 52-week highs and no new low,
while the Nasdaq recorded 161 new highs and 22 new lows.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.