Client resources & news, continued
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The Week on Wall Street
Stocks marched higher last week on an improving outlook for the passage of a fiscal stimulus package.
A Record Week for Stocks
After opening the week with moderate losses amid rising COVID-19 infections, stocks turned higher as investor sentiment was buoyed by the resumption of fiscal stimulus negotiations. As lawmakers discussed various proposals, stocks managed to grind higher.
A better-than-expected jobless claims report on Thursday added fuel to the market rally, but the gains evaporated in late-day trading following news by a major pharmaceutical company that it would be slowing its rollout of the vaccine due to logistical challenges.[i]
A disappointing jobs report on Friday did not keep investors from bidding stocks higher as the week came to a close, sending the Dow Jones Industrials, S&P 500, and the NASDAQ Composite indices to record high closes.[ii]
The Start of Holiday Shopping
The start of the holiday shopping season provides important insight into the state of the economy and overall consumer confidence. In response to the pandemic, consumers avoided in-store visits over the Thanksgiving weekend. This translated into a 22.4% decline in spending from last year’s levels.[iii]
However, spending prior to the Thanksgiving-to-Sunday period surged 65.7% from a year earlier, thanks to large retailers introducing Black Friday-like deals as early as mid-October.[iv]
Of course, the pandemic has led to an acceleration in shopping online. Cyber Monday sales jumped 15.1% over last year’s levels as consumers spent almost $11 billion, making it the largest U.S. online shopping day ever.[v]
[i] The Wall Street Journal, December 3, 2020
[ii] CNBC, December 4, 2020
[iii] CNBC, November 30, 2020
[iv] CNBC, November 30, 2020
[v] CNBC, December 1, 2020
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Astronomical News by Bob Blattel
As a member of the Astronomical Society of Eastern Missouri, I wanted to share the news because it will be the greatest conjunction of our lifetimes. Although it happens every twenty years, this year is special because the two planets will be extremely close together, visible to the naked eye, and without any glare from the sun. As quoted in The New York Times, Amy C. Oliver (Center for Astrophysics) said “For most adults, this is your one big opportunity to see this. . . it’s now or never.”
Grab your binoculars and enjoy!
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