Today, December 16…
The DJIA fell 0.15%
The S&P 500 added 0.20%
The Nasdaq Composite went up 0.52%
General Market Recap
The Commerce Department reported a 1.1% drop in retail sales last month, higher than the expected 0.3% decline. The retail sales control group fell 0.5%, when a 0.2% increase was expected. However, with the continuous progress towards a stimulus, economists believe the losses are temporary. Consumer discretionary stocks were in the green, with Chipotle up 4% as its rating was upgraded and price target increased. Technology stocks were up, as Twitter was upgraded to overweight due to expected growth in online advertising. Investors cut losses on energy stocks as oil prices rose more, after nearly seven straight weeks of gains.
The stimulus bill will include support for both businesses and unemployed Americans. Lawmakers are very close to finalizing a stimulus bill with enhanced unemployment benefits of $1200/month from January through April.
The Federal Reserve showed support for the economy, and kept rates the same due to Jerome Powell, the Fed Chairman reporting that the economy will perform strongly in the second half of 2021 as first quarter data for 2021 is reporting to be positive.
Some Earnings Today and Tomorrow