The DJIA rose 0.24% The S&P 500 was up 0.13% The Nasdaq Composite was up 0.15%
Energy and industrial stocks led the market, as the DJIA closed at a record high.
General Market Review
Senate Majority Leader Mitch McConnell refused to separate the increased stimulus payment into a standalone bill. He ties the $2000 check legislation to Trump’s other demands of repeal on an internet platform protection law and a commission for election fraud.
Energy stocks were up over 1% as oil prices rise. Decline on crude oil inventories for the week ending on December 25 were larger than expected, causing companies, Occidental Petroleum and Devon Energy, to add more than 3% and 5%, respectively.
As both Republicans and Democrats agree on infrastructure upgrades for 2021, improving heavy equipment demand is viewed as a strong focus for the new year. Caterpillar gained about 2%. Tesla is forecasted to beat expectations in electric vehicle deliveries for 2020, leading the stock to be up 4%.
Intel pared gains from yesterday after the hedge fund, Third Point, reportedly took a $1 billion stake in the company. Intel fell 1% today.