US stocks climb amid optimism around Biden’s COVID-19 plan and stimulus push

NYSE traders
  • US stocks gained on Thursday as investors cheered the Biden administration’s plan to better tackle the COVID-19 pandemic.
  • President Joe Biden on Wednesday revealed plans to accelerate testing, vaccine rollouts, and reopenings.
  • Initial jobless claims fell to 900,000 last week, according to the Labor Department. Economists expected claims to total 935,000.
  • Watch major indexes update live here.

US equities rose on Thursday as investors bet on the Biden administration to accelerate the nation’s economic recovery.

President Joe Biden unveiled new plans for how the government will tackle the coronavirus pandemic on Thursday. The president aims to sign 10 executive orders and invoke the Defense Production Act to accelerate testing, vaccine distribution, and reopen schools and businesses.

Efforts to better curb on the virus’s spread are set to join a push for additional fiscal support. The president called for a $1.9 trillion stimulus package earlier in the month that includes $1,400 direct payments, expanded unemployment insurance, and relief for states and municipalities.

Republicans are likely to oppose the measure, having previously balked at passing new aid for governments. Still, expectations for another large-scale spending bill have led analysts to lift growth forecasts and S&P 500 targets.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:

Read more: The chief investment strategist at a $9.6 billion volatility-focused money manager breaks down why the stock market is poised to get more chaotic in 2021 – and shares how investors can take advantage of it

Tech stocks continued to climb after Netflix’s healthy earnings beat boosted indexes the session prior. Equities hit record highs on Wednesday as Biden’s inauguration amplified hopes for fresh fiscal stimulus and a stronger economic recovery. The jump was the largest Inauguration Day return in nearly a century.

In economic data, weekly filings for unemployment benefits totaled an unadjusted 900,000 last week as the labor market’s recovery continued to push up against elevated COVID-19 cases. Economists surveyed by Bloomberg expected claims to reach 935,000. 

Continuing claims, which track Americans receiving unemployment-insurance payments, fell to 5.1 million for the week that ended January 9. That came in below the median economist estimate of 5.3 million claims.

“Fiscal stimulus prospects, along with broader vaccine diffusion, are pointing to a brightening labor market outlook but with the pandemic still raging, claims are poised to remain elevated in the near-term,” Lydia Boussour, lead US economist at Oxford Economics, said.

Read more: We spoke to Winklevoss-backed crypto platform Gemini about bitcoin, how to use stable coins, and why regulation won’t kill the boom in digital currencies

United Airlines sank after its fourth-quarter report missed Wall Street expectations for revenue and profit. The company cautioned that, despite vaccines being distributed nationwide, the pandemic will weigh on travel activity throughout 2021.

Bitcoin slid below the $32,000 support level as sell-offs cut further into the cryptocurrency’s bullish momentum. The token hit a 24-hour low of $31,310.75 before paring some losses.

Gold dipped as much as 0.7%, to $1,858.42 per ounce. The dollar weakened against a basked of Group-of-20 currencies and Treasury yields climbed slightly.

Oil prices fell but remained above the $50 support level. West Texas Intermediate crude dropped as much as 1.1%, to $52.75 per barrel. Brent crude, oil’s international standard, declined 1%, to $55.51 per barrel, at intraday lows.

Now read more markets coverage from Markets Insider and Business Insider:

GOLDMAN SACHS: These 22 stocks still haven’t recovered to pre-pandemic levels – and are set to explode amid higher earnings in 2021 as the economy recovers

The S&P 500 will jump another 8% – but looming risks could spark a sudden pullback, RBC says

‘Final nail in the bear case coffin’: Here’s what 4 analysts had to say about Netflix’s 4th-quarter earnings

Read the original article on Business Insider

US stocks close at record highs after Joe Biden becomes 46th President of the United States

president biden
Joe Biden (L), flanked by incoming US First Lady Jill Biden is sworn in as the 46th US President by Supreme Court Chief Justice John Roberts on January 20, 2021


US stocks closed at record highs on Wednesday following the inauguration of Joe Biden as the 46th President of the United States.

The stock market was led higher by technology stocks following a stronger than expected earnings report from Netflix that sent shares soaring nearly 20%. 

The video-streaming company said it expected positive free-cash-flow generation going forward and would begin to stop relying on the debt markets to fuel its content lineup; it could eventually explore a stock-buyback program.

Here’s where US indexes stood at the 4:00 p.m. ET close on Wednesday:

Read more: The head of active equity at Wells Fargo’s $607 billion asset-management arm shares how she worked her way up from the call center 29 years ago – and pinpoints 3 trends transforming the investment landscape today

The enthusiasm for tech shares on Wednesday also helped fuel a 6% surge in Alphabet to record all-time-highs.

Morgan Stanley reported fourth-quarter earnings that beat analysts’ expectations, driven by the firm’s trading unit and wealth-management arm.

Popular cryptocurrencies like Bitcoin and Ethereum pulled back on Wednesday after Janet Yellen, President-Joe Biden’s nominee for treasury secretary, said it might make sense to “curtail” their use because they are mainly used for illicit activities in a transactional sense.

Alibaba surged 7% after its founder, Jack Ma, resurfaced in a videoconference. Ma had not been seen in public for months as Chinese regulators clamped down on the Ant Group initial public offering and Alibaba’s selling practices.

Famed short-seller Jim Chanos said he transitioned his short exposure in Tesla to put options from shares, which will limit his downside potential. 

Oil prices were mixed. West Texas Intermediate crude jumped 0.12%, to $53.10 per barrel. Brent crude, oil’s international benchmark, declined 0.05%, to $55.87 per barrel.

Gold rose as much as 1.57%, to $1,869.10 per ounce.

Read more: GOLDMAN SACHS: Buy these 25 stocks best positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth

Read the original article on Business Insider

Dow drops 200 points as traders mull Biden’s stimulus plan and soft retail-sales data

trader upset
  • US stocks sank on Friday as investors digested President-elect Joe Biden’s stimulus plan and a December slump in retail sales.
  • Biden rolled out a $1.9 trillion relief proposal on Thursday that includes $1,400 direct payments, state and local government aid, and expanded unemployment benefits.
  • While Democrats’ soft Senate majority increases the odds of a deal being passed, Republican opposition could strip the bill of some elements or push for higher taxes to offset its cost.
  • Retail sales shrank 0.7% in December as COVID-19 lockdowns cut into holiday-season spending, according to Census Bureau data published Friday. Economists expected sales to hold flat from November.
  • Watch major indexes update live here.

US equities fell on Friday amid a drop in retail sales and concerns that President-elect Joe Biden’s stimulus proposal could lift taxes.

Biden unveiled a $1.9 trillion fiscal relief plan on Thursday that includes $1,400 direct payments, expanded federal unemployment benefits, and state and local government aid. Democrats’ victories in Georgia runoff elections greatly improve the party’s chances at passing such a sweeping stimulus measure.

Yet GOP opposition could strip the bill of some components before its passage. Lawmakers could also call for higher taxes to justify the legislation’s hefty price tag, a move that would surely rankle investors hoping for President Donald Trump’s low tax rates to remain in place.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

Read more: Global X’s lithium and battery ETF returned 126% in 2020 as electric vehicle-driven demand surged. One of the firm’s analysts shared 4 stocks he sees ‘leading the rise’ in the industry going forward.

“The very health of our nation is at stake,” Biden said in a speech revealing the plan, adding that failure to pass a large-scale relief package “will cost us dearly.”

Stocks extended losses after retail sales data showed a third-straight monthly decline to close out last year. Spending at US retailers contracted 0.7% in December as COVID-19 restrictions offset holiday-season sales, according to Census Bureau data published Friday. Economists surveyed by Bloomberg expected sales to stay flat from the month prior.

November’s reading was revised lower to a 1.4% contraction, suggesting surging coronavirus cases and lockdown measures swiftly cut into a V-shaped rebound in consumer spending.

“This likely is the nadir for retail sales, as the late-December stimulus and the pending stimulus under the Biden administration will boost both bank accounts and consumers’ spirits,” Robert Frick, corporate economist at Navy Federal Credit Union, said.

Read more: ‘I don’t believe that we’ve really left the recession yet’: Bond king Jeff Gundlach lays out the 2 risks that investors should watch nearly a year into the pandemic – and shares the 4 components of a balanced, winning portfolio

Fourth-quarter earnings kicked off with JPMorgan beating revenue and profit expectations. The bank reported a 42% jump in net income, bolstered by the release of $2.9 billion in loan-loss reserves.

Citigroup reported less-than-stellar results Friday morning. While the bank’s revenue landed above estimates, weaker-than-expected performance in its fixed-income division contributed to a miss on quarterly earnings. The business reported revenue of $3.09 billion over the period, below the consensus expectation of $3.2 billion.

Bitcoin dropped below $38,000 as the cryptocurrency’s volatile trading week came to a close. The token climbed back above $40,000 on Thursday but failed to retake the record highs seen one week ago.

Spot gold slid 0.5%, to $1,836.64 per ounce, at intraday lows. The US dollar strengthened against the majority of Group-of-10 currency peers and Treasury yields declined. 

Oil prices sank as the stronger dollar cut into its recent climb. West Texas Intermediate crude fell as much as 1.7%, to $52.68 per barrel. Brent crude, oil’s international benchmark, dropped 1.9%, to $55.37 per barrel, at intraday lows.

Now read more markets coverage from Markets Insider and Business Insider:

Cathie Wood’s ARK Invest runs 5 active ETFs that more than doubled in 2020. She and her analysts share their 2021 outlooks on the economy, bitcoin, and Tesla.

Monetary stimulus will remain in place well into economic recovery, Fed Chair Powell says

US consumer comfort tumbles to lowest point since July as COVID-19 surge cuts further into recovery optimism

Read the original article on Business Insider

US stocks climb as investors buy Monday’s dip on recovery hopes

trader screen
  • US stocks gained slightly on Tuesday as investors bought Monday’s dip and bet on fresh stimulus and COVID-19 vaccines to fuel a near-term economic rebound.
  • While the Biden administration is set to detail a sweeping fiscal stimulus plan on Thursday, investors continue to weigh whether stocks can remain at their lofty levels.
  • Bitcoin recovered slightly from its Monday nosedive but remains well below the records it hit last week.
  • Oil prices gained as the US dollar weakened against currency peers. West Texas Intermediate crude rose as much as 1.9%, to $53.26 per barrel.
  • Sign up here our daily newsletter, 10 Things Before the Opening Bell.

US stocks edged higher on Tuesday as investors optimistic for a full economic rebound bought the market’s recent dip.

Hopes for widespread vaccination and Biden-backed stimulus continue to lock horns with stocks’ lofty valuations. Fallout from last week’s violent riots at the Capitol continues to weigh on market sentiments, and Democrats are expected to vote to impeach President Donald Trump on Wednesday.

Shambolic vaccine distribution across the US has also cut into some investors’ recovery outlooks. CNBC reported Tuesday morning that the Trump administration will issue updated vaccination guidance that expands eligibility to everyone 65-years-old and older. The move comes after some states discarded vaccines instead of using them on ineligible populations.

“Vaccine rollouts have been messy, but as more vaccines get regional approval, risk appetite is thriving as we get closer to the other side of COVID,” Edward Moya, senior market analyst at Oanda, said.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

Read more: Goldman Sachs says to buy these 29 stocks poised to deliver the strongest sales growth through year-end

The mild uptick comes after stocks stumbled to start the week. Equities fell from record highs on Monday as investors weighed the impact of an impeachment vote and stretched valuations. Facebook and Twitter dragged on major indexes as investors balked at the companies’ moves to ban permanently Trump.

The National Federation of Independent Businesses said Tuesday its gauge of small-business optimism plunged to a seven-month low in December as COVID-19 restrictions intensified. Nine of the index’s 10 components declined through the month and the association’s measure of general-business-condition outlook tumbled into net negative territory.

Read more: An ETF provider whose specialty funds have smashed the market breaks down how to capitalize on the red-hot SPAC craze – and shares 4 to watch in 2021

Bitcoin recovered slightly after plummeting from record highs. The world’s largest cryptocurrency traded at roughly $33,600 on Tuesday, about 1% higher from the prior 24 hours, after sliding as low as $30,305.30 Monday night.

Spot gold climbed as much as 1.1%, to $1,863.81 per ounce, before paring gains. The US dollar weakened slightly against a basket of currency peers and Treasury yields rose.

Oil prices gained amid the US dollar’s decline. West Texas Intermediate crude rose as much as 1.9%, to $53.26 per barrel. Brent crude, oil’s international standard, climbed 1.9%, to $56.73 per barrel, at intraday highs.

Now read more markets coverage from Markets Insider and Business Insider:

The CIO of a $500 million crypto asset manager breaks down 5 ways of valuing bitcoin and deciding whether to own it after the digital asset breached $40,000 for the first time

US small-business optimism tumbles to 7-month low as COVID-19 restrictions curb activity

Here’s why the approval of a US bitcoin ETF would send the cryptocurrency tumbling in the near term, according to JPMorgan

Read the original article on Business Insider

Dow, S&P 500 add to records as weak jobs report boosts stimulus expectations

NYSE Trader Blur
  • US equities gained on Friday morning as the weak jobs report spurred investors hopes for a larger fiscal stimulus package to boost the economy.
  • American businesses shed 140,000 nonfarm payrolls last month, the Bureau of Labor Statistics said Friday. The reading is weaker than consensus economist estimates that foresaw 50,000 job additions, according to Bloomberg data. 
  • “In the face of endless amounts of readily available fiscal and monetary stimulus, the stock market has so far refused to pay attention to the economic data points that matter, like the weak jobs numbers,” James McDonald, Hercules Investments CEO said.
  • Watch major indexes update live here.

US equities gained on Friday morning as the weak jobs report prompted investors to hope for a larger fiscal stimulus package to boost the economy.

The US economy saw a surprise decline in payrolls in December as stricter COVID-19 lockdown measures extended the nation’s unemployment crisis into the new year. American businesses shed 140,000 nonfarm payrolls last month, the Bureau of Labor Statistics said Friday. The reading is weaker than consensus economist estimates that foresaw 50,000 job additions, according to Bloomberg data. 

The country’s unemployment rate stayed steady at 6.7% in December, slightly lower than the median economist estimate of 6.8%.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

Read more: A growth-fund manager who’s beaten 96% of his peers over the past 5 years shares 6 stocks he sees ‘dominating their space’ for the next 5 to 10 years – including 2 he thinks could grow 100%

“In the face of endless amounts of readily available fiscal and monetary stimulus, the stock market has so far refused to pay attention to the economic data points that matter, like the weak jobs numbers,” James McDonald, Hercules Investments CEO said.

“We expect stock markets to continue to move higher and bond markets to continue to move lower (price down, yields up) as the likelihood of additional fiscal stimulus out of Washington is high and the continued support of the Federal Reserve is likely as well,” said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance. 

Bitcoin hit a new all-time high of more than $41,000 on Friday morning, staging a rapid recovery despite falling to less than $37,000 overnight. The red-hot cryptocurrency has more than doubled in value over the last month, and risen over 30% in 2021 so far.  

Michael Burry, whose lucrative wager on the US housing bubble’s collapse in 2007 was captured in “The Big Short,” tweeted on Thursday that Tesla stock could implode in a similar fashion. 

“Well, my last Big Short got bigger and bigger and BIGGER too,” the Scion Asset Management boss said as Tesla jumped 8%. “Enjoy it while it lasts.”

Read more: BANK OF AMERICA: Buy these 8 US stocks poised to soar in the first quarter of 2021- and avoid these 2 at all costs

Meanwhile, billionaire investor Chamath Palihapitiya said Tesla’s stock could be worth three times its current valuation, which would make CEO Elon Musk the first trillionaire.

“Don’t sell a share” of Tesla, Palihapitiya told investors in a CNBC interview on Thursday

Gold dipped 2%, to $1,876.51, at intraday lows. The US dollar strengthened against most of its Group-of-10 currency peers, while 10-year Treasury yields climbed further above 1%, where they haven’t been since March.

Oil prices climbed amid a drop in US inventories. West Texas Intermediate crude rose as much as 2%, to $51.83 per barrel. Brent crude, oil’s international benchmark, gained 2.1%, to $55.50 per barrel, at intraday highs.

Read more: Deutsche Bank says buy these 14 beaten-down financial stocks poised for a bullish recovery from 2020’s ‘savage sell-off’ – including one that could rally 30%

Read the original article on Business Insider

Change Healthcare surges 32% after news of $8 billion acquisition by UnitedHealth

FILE PHOTO: The corporate logo of the UnitedHealth Group appears on the side of one of their office buildings in Santa Ana, California, U.S., April 13, 2020.      REUTERS/Mike Blake
The corporate logo of the UnitedHealth Group appears on the side of one of their office buildings in Santa Ana, California


Shares of Change Healthcare gained as much as 32% to $24 a share on Wednesday after news that UnitedHealth Group is acquiring the health tech firm for roughly $7.8 billion.

After the acquisition, Change Healthcare will merge with UnitedHealth Group’s health services subsidiary, OptumInsight. Together the companies will connect and simplify core clinical, administrative, and payment processes for the healthcare industry, according to a UnitedHealth statement

UnitedHealth will pay $25.75 per share in cash, which is a 41% premium over Change Healthcare’s Tuesday closing price of $18.24.  Including debt owed by Change Healthcare, the deal is worth around $13 billion. The companies said the transaction is expected to close in the second half of 2021. 

Shares of UnitedHealth group fell as much as 2.8% after the Wednesday opening bell but pared back the losses. The stock is now hovering around $347 a share. As of noon on Wednesday, Change Healthcare has gained 51% over the last 12 months. 

Read more:Fundstrat’s Tom Lee says to buy these 10 transportation stocks that were the hardest hit by the pandemic and are most leveraged for the economy’s reopening in 2021

“Together we will help streamline and inform the vital clinical, administrative and payment processes on which health care providers and payers depend to serve patients,” said Andrew Witty, President of UnitedHealth Group and CEO of Optum.

In other healthcare merger news, Walgreens Boots Alliance agreed to sell the majority of its pharmacy wholesale unit to AmerisourceBergen Corp for about $6.5 billion. 

Shares of Walgreens Boots Alliance rose as much as 4.39%, while Amerisource Bergen gained as much as 8.7% on Wednesday. 

Read the original article on Business Insider

US stocks flat as rollercoaster 2020 comes to a close

NYE Ball Drop
Waterford crystals were installed to the Times Square ball for New Years Eve Celebration in New York City, on December 27, 2020

  • US stocks opened mostly flat on Thursday morning to finish off a rollercoaster year for markets. 
  • Initial jobless claims declined by 19,000 to 787,000, beating the consensus estimate of 828,800.
  • Watch major indexes update live here.

US stocks opened relatively flat on Thursday morning to finish off a rollercoaster year for markets. 

The number of Americans filing for unemployment benefits for the first time dropped unexpectedly last week- the second straight week of declines. Initial jobless claims declined by 19,000 to 787,000. The consensus estimate was for jobless claims to rise to 828,800.

Meanwhile, continuing claims decreased to 5.22 million in the week that ended Dec.19. That’s 150,000 less than the 5.37 million claims economists projected.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:

Read more:We spoke with Wall Street’s 9 best-performing fund managers of 2020 to learn how they crushed the chaotic market – and compile the biggest bets they’re making for 2021

Several cryptocurrency exchanges including Crypto.com, Coinbase, and OkCoin said this week they were suspending trading of the XRP token following the SEC’s complaint against Ripple Labs, XRP’s developer. 

“XRP (the coin) is one foot in the grave,” Phil Liu, Chief Legal Officer at Arca, told Business Insider on Wednesday. “Ripple, the company, may be insolvent by the end of 2021 if it can’t raise money by selling XRP and its other products aren’t profitable.”

Oil prices were lower. West Texas Intermediate crude declined as much as 0.68%%, to $48.07 per barrel. Brent crude, oil’s international benchmark, was down 0.72% to $51.26 per barrel.

Gold was up 0.43%, to $1,901.60 per ounce.

Read more:Market wizard Jeff Neumann started trading with $2,500 and grew it to $50 million. He shares 6 timeless rules that helped him reach millionaire status in his first year.

 

Read the original article on Business Insider

US stocks rise as record-setting stimulus rally continues

House Speaker Nancy Pelosi
The House passed a $2.2 trillion stimulus to help keep the US economy afloat during the coronavirus pandemic.


US stocks climbed on Tuesday to continue Monday’s rally which saw all major indices close at new record highs.

The House passed a bill Monday to increase the $600 federal direct payments to $2,000. The vote passed 275 to 134, with forty-four House Republicans joining Democrats to approve the bill. The Senate may not approve the bill, though Senate Minority Leader Chuck Schumer said he’ll push for a vote. 

“The House just took a strong, bipartisan vote to pass $2,000 checks,” Schumer tweeted Monday evening. “Tomorrow, I’ll move to pass the bill in the Senate. Workers, families, and people are crying out for help. Every Senate Democrat is for this relief. Senate Republicans should not stand in the way.”

President Donald Trump signed the $900 billion bipartisan coronavirus relief package on Sunday and renewed his calls for Congress to raise the amount of the checks to $2,000.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

Read more:Lazard’s top ESG stock-picker outlines the 3-part strategy he’s used to beat 75% of his peers and smash his benchmark without paying Tesla-like prices

Cryptocurrency token XRP fell as much as 31% Tuesday morning after online platform Coinbase said it would fully suspend the digital token from its marketplace by mid-January. This follows the SEC’s complaint against developer Ripple Labs.

The SEC said on December 23 Ripple had effectively been running a $1.3 billion unregistered offering with its sales of XRP, which the regulator deems a security and not a cryptocurrency.

XRP has lost around 75% in value after hitting a two-year high in early November. 

Electric-truck company Nikola soared as much as 16% on Monday after JPMorgan said it sees 2021 as a “less drama-filled” year. JPMorgan said Nikola “cleaned house” before year-end given its exit from two partnerships that “were hastily thrown together by the founder, and committed NKLA resources to non-strategic initiatives,” according to the firm. Nikola is up roughly 57% this year, but has dropped significantly from its record highs this summer. 

Oil prices moved higher. West Texas Intermediate crude increased 1.32%, to $48.25 per barrel. Brent crude, oil’s international benchmark, increased 1.22%, to $51.48 per barrel.

Gold rose 0.26%, to $1,885.30 per ounce.

Read more:Peloton has climbed 415% this year. We asked 3 analysts – including one who expects a 78% stock decline – for their 2021 outlooks with the prospect of gym restrictions easing.

Read the original article on Business Insider

US stocks jump after President Trump signs $900 billion stimulus bill

Stimulus Bill
  • US stocks edged higher on Monday after President Donald Trump signed a $900 billion stimulus bill after previously leaving it up in the air as he advocated for $2,000 stimulus checks.
  • The bill Trump signed will include $600 stimulus checks, though Trump and Democrats continue to advocate for an increase to $2,000.
  • The House of Representatives will vote on a measure on Monday to increase the size of the checks to $2,000, though Senate Majority Leader Mitch McConnell has not shown willingness to support bigger checks.
  • Watch major indexes update live here.

US stocks gained on Monday after President Donald Trump signed a $900 billion stimulus bill that includes $600 stimulus checks and an extension of the Paycheck Protection Program and unemployment benefits.

After the stimulus bill was passed by Congress, Trump signaled he may not sign the bill as he complained about “pork spending” and advocated for an increase in stimulus checks to $2,000 from $600.

The signing of the bill prevented a government shutdown that would have occurred at midnight tonight. Democrats and Trump continue to advocate for an increase in stimulus checks to $2,000. 

Senate Minority Leader Chuck Schumer tweeted on Sunday, “The House will pass a bill to give Americans $2,000 checks. Then I will move to pass it in the Senate. No Democrats will object. Will Senate Republicans?”

Senate Majority Leader Mitch McConnell has shown no signs of supporting $2,000 stimulus checks.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

Read more: ‘It could be a Roaring 20s that will end badly’: An equities chief who oversees over $7 billion shares his investing playbook and major predictions for 2021 and beyond

AstraZeneca is on the verge of receiving emergency use authorization from the UK for its COVID-19 vaccine, according to The Telegraph. The rollout and administration of its vaccine could begin in the country in the first week of 2021.

AstraZeneca’s CEO said its vaccine candidate could reach 95% efficacy, on par with vaccines from Pfizer and Moderna, in an interview with the Sunday Times. Shares of AstraZeneca jumped as much as 6% in Monday trades.

Oil prices edged lower. West Texas Intermediate crude fell as much as 0.19%, to $48.14 per barrel. Brent crude, oil’s international benchmark, fell 0.02%, to $51.28 per barrel, at intraday lows.

Gold rose as much as 0.52%, to $1,893.00 per ounce.

Read more: A hedge fund chief who oversees $2 billion breaks down why we’re in for a 61% stock-market crash over the next 18-24 months – and shares 3 types of companies he’s shorting right now

Read the original article on Business Insider

US stocks edge higher as political wrangling over stimulus bill continues

congress stimulus bill text.JPG
Printer and internet snafus held up the release of Congress’ latest stimulus bill text at the US Capitol on Monday.

  • US stocks edged higher in a shortened trading session as political wrangling over a $900 billion stimulus bill continued after President Trump requested $2,000 stimulus checks to be included.
  • With Trump out of town after flying to Mar-a-Lago on Wednesday, House Speaker Nancy Pelosi attempted to pass an amendment to the bill to include bigger stimulus checks with unanimous consent.
  • That attempt has failed, and now the House of Representatives is adjourned until Monday at 2:00PM, leaving it up to Trump to either sign the bill or not.
  • Watch major indexes update live here.

US stocks moved higher in a shortened trading session on Christmas Eve as political wrangling over a $900 billion stimulus bill continued into Thursday after President Trump requested $2,000 stimulus checks to be included.

Pelosi attempted to add an amendment to the bill increasing the size stimulus checks to $2,000 from $600 via unanimous consent, but that initiative failed Thursday morning.

Now, the House of Representatives has adjourned until Monday at 2:00 P.M., leaving it up to President Trump to sign the original stimulus bill that passed the House and Senate earlier this week.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:

Read more: ‘It could be a Roaring 20s that will end badly’: An equities chief who oversees over $7 billion shares his investing playbook and major predictions for 2021 and beyond

Alibaba slid as much as 7% after the Chinese government opened an anti-trust investigation into the e-commerce giant.

Altimmune fell 10% after the FDA put a clinical hold on its intranasal COVID-19 vaccine candidate.

The stock market will close at 1:00 P.M. today.

Oil prices edged lower. West Texas Intermediate crude fell as much as 0.64%, to $47.81 per barrel. Brent crude, oil’s international benchmark, fell 0.59%, to $50.90 per barrel.

Gold traded lower, down as much as 0.23%, to $1,873.70 per ounce.

Read more: A hedge fund chief who oversees $2 billion breaks down why we’re in for a 61% stock-market crash over the next 18-24 months – and shares 3 types of companies he’s shorting right now

Read the original article on Business Insider