Stocks Score Big Wins as Lawmakers Near Stimulus Agreement

The FDA said Moderna's COVID-19 met emergency use expectations

Digital Content Manager
Dec 15, 2020 at 4:31 PM
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Stocks surged on Tuesday, as investors grew optimistic lawmakers may reach an agreement on a new stimulus package by the end of the year. Senate Majority Leader Mitch McConnell also recognized Joe Biden as president-elect following his Electoral College certification, throwing yet another wrench in President Donald Trump's attempts to delegitimize the November election.

In addition, the Food and Drug Administration (FDA) said data showed Moderna's (MRNA) COVID-19 vaccine met emergency use expectations. In response, the Dow added roughly 337 points, boosted in part by Apple's (AAPL) plans to increase iPhone production by 30% in 2021. Meanwhile, both the S&P 500 and Nasdaq Composite also registered significant gains, with the former snapping a four-day losing streak and notching its best session in three weeks.

 Continue reading for more on today's market, including:

  • Planet Fitness stock dropped following negative press attention
  • Analysts think John Deere stock is poised for more record highs.
  • Plus, unpacking PENN's performance; Eli Lilly surges on billion-dollar buyout; and lofty upgrade sends healthcare stock higher.

The Dow Jones Industrial Average (DJI - 30,199.31) surged 337.8 points, or 1.1% on the day. Apple (AAPL) led the Dow components with a 5% rise, while Salesforce.com (CRM) paced the laggards, falling 0.5%.

Meanwhile, the S&P 500 Index (SPX - 3,694.62) added 155 points, or 1.3% for the day. The Nasdaq Composite (IXIC - 12,595.06) was up 62.2 points, or 1.3% for the day.

Lastly, the Cboe Volatility Index (VIX - 22.89) lost 1.8 point, or 7.4% for the day.

 Closing Summary Dec 15

nyse nasdaq dec 15

  1. The European Union (EU) is introducing new rules that could restrict how Big Tech operates in the region, and result in costly fines for those that fail to comply. (CNBC)
  2. A new poll showed 27% of Americans now plan to get a COVID-19 vaccine as soon as it becomes available -- a substantial increase from September. (MarketWatch)
  3. What to make of this Penn National Gaming stock's chart performance.
  4. Eli Lilly stock surged after announcing a billion-dollar acquisition.
  5. Healthcare stock moves higher after lofty Deutsche Bank upgrade.

There were no notable earnings reports today.

UVOLDec15

Gold Prices Surge as Lawmakers Hash Out Stimulus

Oil prices finished higher today, as investors continued to monitor stimulus talks in Washington, and remained optimistic about the coronavirus vaccine rollout in the U.S. However the, International Energy Agency (IEA) warned economic recovery in wealthy countries was "going backwards," and cut its demand projections by 170,000 barrels a day. Nonetheless, January-dated crude added 63 cents, or 1.1%, to settle at $47.62 per barrel.

Gold prices were also higher, surging to their highest level in a week as lawmakers seemed to get closer to a stimulus agreement following a two-part bipartisan proposal. The positive price action also comes one day ahead of a Federal Reserve monetary policy announcement. In turn, February-dated gold rose $23.20, or 1.3%, to settle at $1,855.30 an ounce.

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