Nasdaq Slips From Fresh Highs Amid Relief Comments

Wall Street digested a deluge of mixed economic updates, too

Digital Content Manager
Dec 23, 2020 at 4:34 PM
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Stocks surged even higher on Wednesday, after U.S. President Donald Trump criticized the new stimulus package, and directed lawmakers to up direct payments to $2,000 from $600. In response, House Speaker Nancy Pelosi said House Democrats would seek to pass a bill by unanimous consent, though such a move could delay financial aid. As a result, the Dow rose roughly 114 points, and the S&P 500 snapped a three-day losing streak to finish in the black. Meanwhile, the Nasdaq hit more record highs before ending the day with modest losses. 

Elsewhere, the U.S. continued to roll out the Pfizer (PFE) and BioNtech (BNTX) vaccine, with more than 1 million people already inoculated. As for economic data, jobless claims came in better than expected, at 803,000 for the week, though core durable goods and personal income data failed to meet expectations. Wrapping up the day, the President also vetoed a defense bill that outlines Pentagon policy, and authorizes $740 billion in spending. 

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

  • More updates on Pfizer's COVID-19 vaccine
  • A blowout earnings report pushed Paychex stock to a fresh record.
  • Plus, Oprah sells stake in DISCA-owned company; an untapped tech stock for options bulls; and one e-commerce stock to add to your growth portfolio.

The Dow Jones Industrial Average (DJI - 30,129.83) added 114.3 points, or 0.4% for the day. JPMorgan Chase (JPM) led the Dow components with a 2.8% rise, while (CRM) paced the laggards, falling 1.6%.

Meanwhile, the S&P 500 Index (SPX - 3,690.01) rose 2.8points, or 0.1% for the day. The Nasdaq Composite (IXIC -12,771.11) fell 36.8 points, or 0.3%, for the day.

Lastly, the Cboe Volatility Index (VIX - 23.31) dropped 0.9 point, or 3.8% for the day.

 Closing Summary Dec 23

nyse nasdaq Dec 23

  1. New Jersey just became the latest state to join a Supreme Court battle challenging the ability to tax nonresidents’ income while they work remotely. (CNBC)
  2. President-elect Joe Biden named former public school teacher and first-generation college grad Miguel Cardona as Secretary of Education. (MarketWatch) 
  3. Discovery stock climbed after Oprah Winfrey sold her stake in the company's OWN cable channel. 
  4. This untapped tech stock could be a good bet for options bulls next year. 
  5. Several reasons why investors should add Chewy stock to their growth portfolio

Earnings Dec 23

UVOL Dec 23

Oil Snaps Losing Streak Amid Lower Crude Inventories

Oil prices were substantially higher today, after an Energy Information Administration (EIA) report showed a 562,000 barrel drop in U.S. crude inventories for the week. Plus, investors are optimistic the United Kingdom and the European Union (EU) will reach a post-Brexit trade deal, with the easing of travel restrictions between France and England also giving sentiment a boost. In turn, February-dated crude added $1.10, or 2.3%, to settle at $48.12 per barrel.

Gold prices finished higher as well, putting an end to a three-day losing streak as the dollar grew weaker on the back of disappointing U.S. economic data. As a result, February-dated gold added $7.80, or 0.4% for the day, to settle at $1,878.10 an ounce.


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