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Stocks look to snap 3-day losing run
EconDec 24. 2020
By Syndication Washington Post, Bloomberg · Kamaron Leach
U.S. stocks rose for the first time in four days as investors looked past President Donald Trump’s demand for changes to pandemic relief legislation. The pound gained as an outline of the post-Brexit trade deal was reached.
The S&P 500 was led higher by the energy and financial sectors, while real estate and technology shares underperformed. The Nasdaq Composite and Russell 2000 indexes set record highs. Trump is demanding that lawmakers increase the stimulus checks due to go out to most Americans to $2,000 from $600 in the same week that Congress passed the $900 billion bipartisan package.
“By and large the market has continually seemed to focus on the more positive bull cases around each macro event and last night’s political drama is no exception,” said Chris Larkin, managing director of E*Trade Financial’s trading and investing product. “We’re seeing the market choosing to see the cup half full, as it shrugs off the possibility of the stimulus bill failing, and instead viewing it as a catalyst for larger stimulus cash in the pockets of consumers.”
The dollar stayed lower after initial jobless claims came in better than expected. Personal income for November fell by 1.1%. Treasury yields rose.
European stocks rose as trade and transport links between the U.K. and its neighbors reopened and Brexit negotiators put the finishing touches to an accord, said officials, who spoke on the condition of anonymity. Travel firms and automakers led gains, with Daimler AG rising on a report the German carmaker is considering an initial public offering of its truck unit.
Investors are looking past the president’s comments to the promise of pandemic relief that will come sooner or later. House Speaker Nancy Pelosi, D-Calif., seized on Trump’s call for larger individual checks and said the House would try to pass this additional measure during a pro forma session on Thursday.
“He’s historically, as I believe, negotiating as he always does,” said Todd Morgan, Chairman and founding member of Bel Air Investment Advisers. “You have to look beyond the next few weeks with this president because I think good things are going to come straight ahead.”
Elsewhere, crude oil reversed an earlier decline. Gold snapped a three-day slide.
Here are the main moves in markets:
Stocks
The S&P 500 Index increased 0.1% to 3,690.01 as of 4:07 p.m. EST.
The Dow Jones industrial average advanced 0.4% to 30,129.83.
The Nasdaq Composite Index declined 0.3% to 12,771.11, the largest decrease in two weeks.
The Stoxx Europe 600 Index jumped 1.1% to 395.49.
The MSCI All-Country World Index climbed 0.4% to 636.07.
Currencies
The Bloomberg Dollar Spot Index fell 0.4% to 1,127.31, the biggest fall in more than a week.
The euro gained 0.2% to $1.2191.
The British pound surged 1% to $1.3498, the biggest jump in almost seven weeks.
The Japanese yen strengthened 0.1% to 103.53 per dollar.
Bonds
The yield on 10-year Treasuries increased three basis points to 0.94%, the biggest increase in almost three weeks.
Germany’s 10-year yield climbed five basis points to -0.55%, hitting the highest in three weeks with the first advance in a week and the largest surge in more than six weeks.
Britain’s 10-year yield jumped 10 basis points to 0.286%, the biggest surge in about nine months.
Commodities
West Texas Intermediate crude gained 2.2% to $48.04 a barrel, the largest rise in almost two weeks.
Gold strengthened 0.6% to $1,872.33 an ounce.
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