Stocks Today: 12.29.2020 – stock market update

Dec. 29, 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 (Tuesday, December 29, 2020).

Both the S&P 500 and the Nasdaq closed negative today, down respectively 0.22% and 0.38%.

The day was even worse for the Russell 2000, as the index representative of small-cap stocks closed down 1.85% today.

Why did the stock market move today?

The rally seen yesterday in the stock market has been driven by the hope for an agreement to pass a second stimulus to the economy. In particular, such hopes were encouraged by the news that the House of Representatives approved a bill to increase the $600 stimulus checks up to $2,000.

With the bill still to be approved by the Senate, Majority Leader McConnell blocked the efforts to hold the vote today.

Stocks of companies most hardly hit by the pandemic were the ones that lost the most ground today. This is why the biggest losses can be seen in the Russell 2000.

Stock of the day

Following the news that Goldman Sachs raised its price target, investors in Snapchat (NYSE: SNAP) saw their stocks jump 6.15% today.

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