Stocks Today: 12.02.2020 – stock market update

Dec. 2, 2020

Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Wednesday, December 2, 2020).

Indexes started very low to close mostly in positive territory today.

The S&P 500 finished his run up 0.18%, carrying its all-time high to 3,669.01. The Dow Jones closed up 0.20%.

The Nasdaq lost a tiny piece of ground closing just down 0.05%.

Why did the stock market move today?

Despite the announcement that the United Kingdom granted emergency-use authorization for the COVID-19 vaccine developed by Pfizer and BioNTech, the stock market didn’t seem to react to the news at all.

What seems to have interested investors much more today is the concrete possibility of a new stimulus package coming soon. As a matter of fact, Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said that a $908 billion compromise proposal “should be used as the basis for immediate bipartisan, bicameral negotiations”, believing that with good-faith negotiations the parties could come to an agreement.

Stocks of the day

After the authorization of their vaccine for emergency-use in the UK, stocks in BioNTech SE (NASDAQ: BNTX) went up more than 6%, reaching an all-time high at $121.09 a share.

Investors in Spotify (NYSE:SPOT) saw their stocks jump 12.58% up today reaching a record high at $320.89 a share. The reason for such rise is to be found in the enthusiasm for their “2020 Wrapped” feature announced yesterday together with some extremely promising data coming from their podcast service.

That’s all for this Wednesday’s stock market update. Stay tuned to receive your daily update!