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Wall Street indices rose cautiously on their last trading day before the Christmas holidays, while shares in internet giant Alibaba tumbled.
Little trade is expected on Wall Street on Christmas Eve.
ANGELA WEISS / AFP
This is the last trading day of this week, before Wall Street takes a short Christmas break. Trading resumes on the fourth day of Christmas.
Here’s what it looks like at close of business on Christmas Eve:
- Dow Jones rises 0.24 percent
- Nasdaq Composite rises 0.26 percent
- S&P 500 up 0.36 percent
Shares of Chinese internet giant Alibaba fell sharply, ending down 13.34 percent. The company’s Hong Kong-listed shares also fell sharply earlier in the day.
The decline comes after China launched an investigation into possible monopolistic practices by the internet giant.
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Decline after criticism
Ahead of today’s results, both the Dow Jones and the S&P 500 are slightly in the red so far this week, after Donald Trump criticized the congressional crisis package against the corona virus. But a possible veto against the package is unlikely, analyst Adam Crisafulli tells CNBC.
“The market doesn’t care as much about Trump’s criticism of the stimulus package as a formal veto is considered unlikely,” Crisafulli said.
– Even if Trump succeeds in vetoing the measure, Biden will be president in just 27 days and will be able to sign it then.
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Brexit is affecting Europe
The path to a possible Brexit deal has affected trading on European stock exchanges earlier in the day, where the Stoxx 600 stock index rose 0.19 percent.
In the morning there were reports that the UK and the EU were very close to a deal, and in the afternoon confirmation came: a deal is finally ready.
“It is fair, it is a balanced agreement, and it is the right thing to do and responsible for both parties,” EU leader Ursula von der Leyen told a news conference.
The British Prime Minister also praised the deal:
– This is good business for all of Europe. It will not be bad for the EU to have a prosperous Britain on its doorstep, Prime Minister Boris Johnson said in a speech to the people.
