The shares are flat amid skinny buying and selling within the shortened Christmas Eve session
US stocks remained stable in thin trading on Thursday as Wall Street closes the week with shortened holidays.
The Dow Jones Industrial Average only fell 10 points while the S&P 500 was barely changed. The Nasdaq Composite was also flat. Technology was the best performing sector, up 0.3%, while energy and finance lagged. The trading volume was low on Christmas Eve.
The market closes early on Thursday at 1:00 p.m. ET and closes on Friday for Christmas.
Alibaba’s shares fell 14% after it was revealed that the China-based e-commerce giant is the target of a new antitrust investigation by the Chinese government.
House Republicans blocked Thursday’s attempt by Democrats to make $ 2,000 direct payments as the fate of a congressional coronavirus bailout package rests in limbo. The move came after President Donald Trump slammed the $ 900 billion bill, calling it an inappropriate “disgrace” for sending $ 600 instead of $ 2,000 checks.
The S&P 500 posted a 0.5% loss this week as profit taking was carried out by year end. Political uncertainty also dampened investor sentiment during the holiday week. The 30-share Dow is flat for the week.
The Nasdaq is well on its way to end the week higher after hitting an intraday high in the previous session. The Russell 2000, which also hit a record high on Wednesday, is about to have a successful week. Amid the strength of small-cap names, the index is well on its way to its eighth straight week of earnings – the longest weekly earnings streak since February 2019.
“The markets are not too interested in Trump’s criticism of the bill as a formal veto is seen as unlikely. [and] The joint legislation on the economy and budget was passed by both the House of Representatives and the Senate with a veto-safe majority, “said Adam Crisafulli of Vital Knowledge in a note.” Even if Trump were successful in rejecting the measure, Biden will be president in just 27 days and can then sign it. “
Investors also closely followed progress in the introduction of the vaccine. The CDC said just over a million shots had been administered as of Wednesday, around 19 million doses less than earlier health officials predictions for December.
Elsewhere, the European Union and the UK signed a historic trade deal on Thursday, more than four years after the UK voted to leave the economic union.
With only five trading days a year left, the Nasdaq is well on its way to becoming the clear winner. It is currently up around 42%. The Russell 2000 gained 20% over the year while the Dow and S&P 500 gained 5.6% and 14.2%, respectively.
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