Dec. 16, 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 16, 2020).
The S&P 500 closed up 0.18% today, the Dow Jones closed negative instead (down 0.15%).
The Nasdaq reached a new all-time record, closing up 0.50%.
Why did the stock market move today?
The Federal Reserve announced today that it will hold interest rates at near-zero levels through at least 2023 and that it will continue its asset purchase program until substantial further progress has been made in the economic situation.
According to the data released by the U.S. Commerce Department today, retail sales – measuring purchases at stores, restaurants and online – dropped 1.1% in November from the prior month.
The two news moved the stock market in different directions, causing the uncertainties seen today.
Stock of the day
Stocks in American Outdoor Brands (NASDAQ: AOUT), the company specializing in hunting-equipment, jumped 11% today after its latest quarterly earnings report presented a 65.7% increase in quarterly net sales from the same quarter of 2019.
That’s all for this Wednesday’s stock market update. Stay tuned to receive your daily update!