The S&P 500 and the Dow Jones 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 2020.
Growth and stock market gains in the United States will be overshadowed by most other global regions during next year, according to Bob Parker, an investment committee member at Quilvest Wealth Management.
Dow Jones and Nasdaq futures pointed to gains at today’s open, and tech stocks bounced after two rough days. The Nasdaq closed in the red again Tuesday, down nearly 3% this week, in a rotation out of stay-at-home stocks after Pfizer’s positive coronavirus vaccine data Monday raised hopes that life may soon be able to return to some semblance of normal.
On Friday Wall Street stocks opened lower after four straight up days as Democrat Joe Biden edged closer to victory in the 2020 US presidential election, taking leads in key states.
United States stocks surged as a gust of optimism swept through global equity markets as millions of Americans headed to vote. The U.S. dollar weakened, yields rose and crude oil increased by the most in a month.
On Thursday Wall Street stocks opened lower following mixed US economic data as investors digested the Fed Reserve’s latest cautious economic forecast. About thirty minutes into trading, the Dow Jones Industrial Average was down 0.8 percent at 27,813.43.
The Dow Jones Industrial Average was down 548.34 points today, or 1.9%, at 28,552.16, after dropping more than 800 points at its session low. The S&P 500 slipped 91.57 points, or 2.6%, to 3,489.27. The Nasdaq Composite tumbled 463.53 points, or 3.8%, to 11,592.91. All three indexes are on track to record losses for the week.