U.S. stocks hit a high on Thursday to end a slight change in the short-term week on Sunday.
The Dow Jones Industrial Average rose 21 points to less than 0.1%. The S&P 500 is up 0.2% and the Nasdaq Composite is up 0.5%. The blue-chip index is flat for the week, while the S&P 500 is poised for a 0.5% loss and the Nasdaq is up 0.5%.
The stock market will be closed at 1pm ET on Christmas Eve and the US and European markets will be closed on Friday.
This week’s focus has been on investor issues, including the prospect of additional financial support for the economy and signs of a rebound. Concerns have been raised that there could be additional lockdown measures in the winter months, given the level of elevated coronavirus infection and the emerging new type of Covid-19 in the UK.
Markets are scheduled to close at 1pm ET and will be closed on Fridays for Christmas.
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Jinnah Moon / Reuters
“The market is on the edge right now. “People are worried about more lockdowns, more travel restrictions,” said Altaf Kasam, head of investment strategy at State Street Global Advisors in Europe. “The market around this will continue to boom.”
A new monetary stimulus package to support families and small businesses has been called into question in the coming days after President Trump on Wednesday passed a ટી 40,740.5 billion defense-policy bill and demanded last-minute changes to the coronavirus-relief law. His unexpected criticism of the bill has created another barrier between the White House and Capitol Hill. Mr. Trump has not yet said whether he will veto the aid package.
The House Republicans on Friday rejected Mr. Trump’s call for ચ 2,000 in direct payments to Americans, adding further uncertainty to the package’s future.
Weak recent economic data has boosted investors’ hopes that a deal will be struck. Figures released Wednesday showed that for the first time in seven months, household spending fell and economic recovery was on the rise, with cases of weight gain scattering rising.
“The market definitely expects a support package,” Mr. Bazar said.
In Bond Marks, yields on 10-year Treasury notes fell to 0.941% from 0.953% on Wednesday. Yields fall when bond prices rise.
Overseas, pan-continental stocks strengthened 0.2% in the Europe 600, with German and Italian markets closing until Monday.
The British pound rose 0.7% against the dollar and 0.7% against the euro, as the UK and the EU moved closer to post-Brexit deals. Investors have said they would welcome more clarity on trade relations. The UK stock benchmark, the FTSE 100 Index, closed up 0.1%, while the FTSE 250, which focuses on small and midsize companies, ended the day at a 1.2% higher.
Investors expected the deal to happen. “This was already the base case in the market,” said Andres Steno Larsen, Nordia Markets ’global foreign exchange and fixed income strategist. “I don’t think anyone really believed in the edge of the cliff.”
Most major stock indices in Asia closed higher. South Korea’s Kospi rose 1.7%, while Japan’s Nikkei rose 225% to 0.5%. China’s Shanghai Composite fell 0.6%.
Write to Caitlin Ostroff at [email protected]
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