Stocks finish the week higher as stimulus talks give bulls something to
cling to
- The S&P (SP500) +0.9%, Nasdaq (COMP) +0.7% and Dow (DJI) +0.8% ended
at the highs of the day and tallied up gains for the first week of the
month.
- The S&P finished the week up 1.7%. The Nasdaq rose 2.1% and the Dow
gained 1%. All three finished at record highs.
- A weaker-than-expected rise in November nonfarm payrolls had the
bad-news-is-good-news effect on equities and interest rates, with
investors
banking on weak numbers prompting progress in a near-term COVID relief
package.
- President-Elect Joe Biden said this afternoon he's confident both
sides can come to a deal. President Donald Trump has also pushed for
bill.
But Biden says $1,200 stimulus checks might still be "in play," something
the GOP leadership seems to have already dismissed.
- The need for Congressional funds this year is rising and even with
$500B or less "negative (4Q) growth somewhere on the order of low-single
digits is possible," Lindsey Piegza, chief economist at Stifel, told
Bloomberg.
- Energy (NYSEARCA:XLE) +5.5% was today's runaway leader. Crude futures
+0.8% ended the above $46/barrel after the OPEC+ agreement for small
production hikes starting in January.
- All of the S&P top 10 gainers were in the energy sector.
- Utilities (NYSEARCA:XLU) -1% was the only sector lower.
- Interest rates climbed again. The 10-year Treasury yield was up 5
basis points to 0.97%.
- Ulta Beauty was the largest S&P decliner, coming off recent 52-week
highs on concerns about comparable-sales guidance.
|Today, 4:03 PM|25 Comments
cling to
- The S&P (SP500) +0.9%, Nasdaq (COMP) +0.7% and Dow (DJI) +0.8% ended
at the highs of the day and tallied up gains for the first week of the
month.
- The S&P finished the week up 1.7%. The Nasdaq rose 2.1% and the Dow
gained 1%. All three finished at record highs.
- A weaker-than-expected rise in November nonfarm payrolls had the
bad-news-is-good-news effect on equities and interest rates, with
investors
banking on weak numbers prompting progress in a near-term COVID relief
package.
- President-Elect Joe Biden said this afternoon he's confident both
sides can come to a deal. President Donald Trump has also pushed for
bill.
But Biden says $1,200 stimulus checks might still be "in play," something
the GOP leadership seems to have already dismissed.
- The need for Congressional funds this year is rising and even with
$500B or less "negative (4Q) growth somewhere on the order of low-single
digits is possible," Lindsey Piegza, chief economist at Stifel, told
Bloomberg.
- Energy (NYSEARCA:XLE) +5.5% was today's runaway leader. Crude futures
+0.8% ended the above $46/barrel after the OPEC+ agreement for small
production hikes starting in January.
- All of the S&P top 10 gainers were in the energy sector.
- Utilities (NYSEARCA:XLU) -1% was the only sector lower.
- Interest rates climbed again. The 10-year Treasury yield was up 5
basis points to 0.97%.
- Ulta Beauty was the largest S&P decliner, coming off recent 52-week
highs on concerns about comparable-sales guidance.
|Today, 4:03 PM|25 Comments
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