Pedestrians pass the New York Stock Exchange, Friday, Oct. 2, 2020, in New York. Stocks are ticking higher on Wall Street Wednesday, Dec. 23, following a mixed set of reports on the economy. (AP Photo/John Minchillo)
Stocks closed slightly higher on Christmas Eve, as investors went into the holiday weekend not bothered by President Donald Trump’s threat not to sign a major economic stimulus package approved by Congress this week.
Trading was extremely light in the abbreviated session ahead of the Christmas holiday. Trading on the New York Stock Exchange and the Nasdaq ended at 1 p.m. ET instead of the usual 4 p.m. ET. Volume was a less than half of a typical trading day.
The S&P 500 index closed up 13.05 points, or 0.4%, to 3703.06. Despite the gains, the index ended the week down 0.2%. Relatively safe investments like utilities and real estate were among the biggest gainers, while energy stocks fell.
The Dow Jones Industrial Average rose 70.04 points, or 0.2%, to 30,199.87 and the Nasdaq composite rose 33.62 points, or 0.3%, to 12,804.73.
Investors remain focused on Washington, where Democrats in Congress are expected to try to make alterations to the $900 billion COVID stimulus bill that President Trump has threatened to veto. Trump has asked for higher individual payments to Americans, something Democrats support but which is unlikely to get a vote in the Republican-held Senate.
The hope has been that Trump will back away from his veto threat and the stimulus package might tide the economy over until widespread vaccinations can help the world begin to return to normal.
Meanwhile the U.S. economy continues to deteriorate under widespread coronavirus outbreaks, infections and hospitalizations. The Labor Department said fewer U.S. workers filed for unemployment benefits last week. The number is still incredibly high compared with before the pandemic, but it was better than economists were expecting.
Other reports were grimmer. Consumers pulled back on their spending by more last month than economists expected, mainly because of a drop in income.
“Despite the churning of the Washington D.C. pond by vetoes, new votes, and overrides, Wall Street clearly believes something positive will float to the top of the barrel when the churning stops," Jeffrey Halley of Oanda said in a commentary to investors.
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AP Business Writers Stan Choe, Alex Veiga, and Joe McDonald contributed.
Officials and power operators are bracing the public for blackouts caused by higher-than-average temperatures this summer. Utility officials in California and Arizona are warning of potential interruptions this summer due to the strain on energy supplies. Heat waves and drought conditions weaken power grids and available electricity reserves. This also makes hydroelectric power less reliable and raises the risk of wildfires.
Cisco DeVries, CEO of OhmConnect, joins Cheddar News to discuss.
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With real estate being a largely male-dominated industry, Stephanie Shojaee, vice president and chief marketing officer at development company Shoma Group, joined Cheddar News to discuss how she took on the gender gap for women to achieve leadership roles, starting at her own company. “It's been very important to teach all the women that work here, especially the younger ones, that they shouldn't change themselves," she said. "You need to be happy with who you are and just keep breaking barriers."
We are already starting to feel the effects of summer. Heat waves in Texas and California are already sending temperatures soaring. That could spell trouble for the nation's power supply. there are new concerns about outages in many areas of the country. Cheddar's Shannon Lanier explains the two main causes of blackouts, and what states are doing to keep the lights on and the air conditioning running.
Pinterest is making a big move as it pushes further into online shopping. The image-focused social media site is acquiring A.I.-powered shopping platform THE YES as it focuses on enhancing the user shopping experience. THE YES's technology gives users a personalized feed of products based on their preferences, and Pinterest is banking on the tech to give it an advantage among other social media apps with built-in shopping features. Julie Bornstein, founder and CEO of THE YES, joins Closing Bell to discuss the company's unique technology, why it agreed to sell to Pinterest, her vision as she takes over shopping initiatives, and more.
Keith Barr, CEO of InterContinental Hotel Group, says he is expecting an 'incredible' summer for his business as pandemic conditions have normalized and people are ready to travel.
Dann Ryan, Chief Investment Officer at Sincerus Advisory, discusses what drove markets lower on Wednesday, as well as what investors are anticipating when it comes to the upcoming CPI report and Fed decision.
U.S. stocks close Tuesday at session highs after a subpar start to the trading day. Tim Chubb, Chief Investment Officer at the wealth advisory firm, Girard, joins Cheddar News' Closing Bell to discuss. 'We're starting to see the moderation of three core things -- we've seen the moderation of prices, we've seen the moderation of wage growth we've seen in the labor market, and we've also seen a moderation of job openings,' he says.
The victims from the USA gymnastics sexual abuse scandal continue to seek justice. Survivors of Larry Nassar are seeking more than one-billion dollars from the FBI for failing to stop the convicted sports doctor when the agency first received allegations. According to a report released by the Justice Department's Inspector General, FBI agents knew
in July of 2015 that Nassar was accused of abusing gymnasts; however, Nassar wasn't arrested until December of 2016. The group that filed the claim includes Olympic medalist Simone Biles and around 90 other women. Louise Radnofsky, sports reporter at The Wall Street Journal, joins Cheddar News' Closing Bell to discuss.
