Dec. 23, 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 23, 2020).
The S&P 500 and the Dow Jones closed slightly positive today, up respectively 0.075% and 0.38%. On the contrary, the Nasdaq closed negative, down 0.29%.
Why did the stock market move today?
Different news and events caused the stock market to move how it did today.
On the one hand, bad news came in relation to U.S. household spending that fell in the last month. This represents the first fall in spending since last April.
On the other hand, better news came from the number of jobless claims as the number of unemployment claims fell to 803,000 last week. The former week this number was as high as 885,000.
In regard to the relief bill that was ready to be approved, last night President Trump surprisingly demanded the U.S. Congress to increase the second stimulus check from $600 to $2,000 per person. Given the contextual data mentioned above, it is difficult to say if investors interpreted the news positively because of increased money in circulation or negatively given the increased uncertainty.
Stock of the day
With no news relating to the company, investors in Lemonade Inc (NYSE: LMND) saw their stocks jump almost 13% today, in force of a continuing momentum that has been doubling the stock value since November.
That’s all for this Wednesday’s stock market update. Stay tuned to receive your daily update!