Wall Street had a lot to digest Wednesday: Congressional testimony by the head of the Federal Reserve, a possible setback for the U.S.-China trade deal, and the start of impeachment hearings on Capitol Hill.
Still, The Dow and S&P 500 managed to set fresh record closing highs but the Nasdaq inched lower.
Federal Reserve Chairman Jerome Powell told lawmakers the economy was in good shape and he saw no reason why the record-long 11-year expansion without a recession was near an end.
His testimony came on the same day a report showed consumer prices jumped the most in seven months, but remained below the Fed's two percent target.
That helped offset investor unease surrounding the U.S.-China trade deal that has yet to be signed.
Negotiations between the world's two biggest economies have hit a snag over farm purchases, according to the Wall Street Journal.
Ross Gerber is CEO of Gerber Kawasaki.
SOUNDBITE (ENGLISH) GERBER KAWASAKI CEO ROSS GERBER, SAYING: "It's clear that the markets and the economies of the world want resolution, want tariffs removed and so any hint that this deal might not get done is going to put pressure on stocks.
There is no question." Shares of Walt Disney jumped to an all-time high.
There were more than 10 million sign-ups for video streaming service Disney+ in just one day.
The entertainment conglomerate was the best performing stock in the Dow and S&P 500.
It was a banner month for global stocks, powered in part by the biggest November gain for the S&P 500 in history and the strongest monthly performance for the Dow since 1987. Conway G. Gittens has the details.
Slack rocketed as much as 32% higher on Wednesday after Dow Jones reported Salesforce.com is in talks to acquire the workspace-communications company. Such a deal would likely value Slack at more than the $17 billion market cap it held before shares jumped. There's no guarantee the talks will lead to a takeover, and Salesforce could target another company for an acquisition, sources familiar with the matter told Dow Jones.
The S&P 500 and the Dow retreated Wednesday as a surprise rise in weekly jobless claims added to signs the recovery of the labor market was stalling amid a surge in COVID-19 infections. Fred Katayama reports.
Global shares reached record highs on Wednesday after the Dow Jones broke 30,000, with investors relieved at the prospect of a smooth handover of power after the U.S. presidential election and confident a COVID-19 vaccine would soon be ready. Francis Maguire reports.
President-elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. Business Insider reports if the US Senate confirms Yellen, she will be the first woman to hold the job. Yellen served as Fed Chair during President Barack Obama's second term, from 2014 to 2017. President Donald Trump replaced her with Jerome Powell as head of the Fed.
U.S. employers hired the fewest workers in five months in October, offering the clearest evidence yet that the end of fiscal stimulus and exploding new COVID-19 infections were sapping momentum from the economic recovery, but the jobless rate fell as well. Conway G. Gittens reports.
[NFA] U.S. House of Representatives Speaker Nancy Pelosi on Thursday said legislation to help airline companies survive the fallout could only move through Congress with guarantees that lawmakers will work on a more comprehensive aid bill to help the unemployed, small businesses and revenue-depleted state and local governments. Conway G. Gittens reports.
Lukas Jackson/Reuters US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal. The Nasdaq composite closed at all-time highs, while the S&P 500 lost its record close in the final hour of trading. New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the week that ended Saturday. Economists surveyed by Bloomberg expected a reading of 775,000.
The S&P 500 climbed to a record high close on Wednesday, and the Nasdaq Composite Index dipped as investors weighed upbeat vaccine developments and a potential coronavirus fiscal package against a bleak private jobs report. Conway G. Gittens reports.
The S&P 500 is up 13 percent year-to-date, recovering from a steep nose-dive earlier this year, which could present many investors near retirement age with the best chance to lock-in their gains for the year, Rhian Horgan of retirement planning app Silvur told Reuters Business Correspondent Conway G. Gittens.
The S&P 500 and Nasdaq Composite indexes closed at record highs on Tuesday, as investors applauded renewed stimulus talks in Washington and bet a COVID-19 vaccine will be available soon. Conway G. Gittens has all the Wall Street action.
[NFA] President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic. Gavino Garay reports.
Massachusetts senator and failed Presidential candidate Elizabeth Warren lobbied Joe Biden to become his treasury secretary. In a humiliating snub heard around the political world Biden chose former FED chair Janet Yellen over Warren as his Treasury Secretary. Chris Cillizza of CNN said there are several reasons Warren will never be America's Treasury Secretary. Warren in the Cabinet would allow Mass. GOP Gov. Charlie Baker to appoint a temporary replacement for her in the Senate.
On Tuesday, global stocks jumped after Donald Trump authorized President-elect Joe Biden's presidential transition process to begin. On Monday, Trump took a significant step toward acknowledging the election result. However, Business Insider reports, he is still convinced he and his allies can continue to contest the outcome. Another key factor driving the boost is Biden's planned nomination for former Federal Reserve chair Janet Yellen as Treasury Secretary.
U.S. stocks started the week on an upswing after another drug company posted positive clinical trial results for a COVID-19 vaccine and reports surfaced that President-Elect Joe Biden plans to nominate former Federal Reserve Chairman Janet Yellen to be the next Treasury secretary. Conway G. Gittens reports.
Spartan Capital Securities chief market economist Peter Cardillo tells Reuters Fred Katayama investors are overly optimistic on the impact of vaccines as AstraZeneca's trial data comes under question. He also provides his view on retailers' prospects for the holiday shopping season.
Tesla may be the new kid on the block in the auto industry, but it's quickly become a big kid on Wall Street. The electric-car maker's shares continued to climb more than 4% on Tuesday. This increases the company's total market value above $500 billion for the first time. The milestone comes on the heels of a banner year for Tesla's stock, says CNN. Tesla recently upgraded facility now has the capacity to build 500,000 Model Y and Model 3 sedans a year.
Target blew past Wall Street expectations for quarterly profit and sales on Wednesday as more Americans used the big-box retailer's quick delivery services to buy everything from electronics to home goods during the COVID-19 pandemic. Fred Katayama reports.
Business Insider reports that Airbnb is planning to raise $2.6 billion in its mid-December IPO. The IPO would give Airbnb a valuation of up to $35 billion. The company plans to list about 50 million shares at between $44 and $50 per share, a regulatory filing showed. Airbnb will list on the NASDAQ under the symbol "ABNB." It was previously eyeing a $30 billion valuation, with $3 billion in proceeds.
On Monday, US stocks rose. AstraZeneca said its COVID-19 vaccine candidate demonstrated an average efficacy rate of 70%. This is the third COVID-19 vaccine said to have surpassed the Food and Drug Administration's requirement of 50% effectiveness. S&P 500: 3,580.82, up 0.7% Dow Jones industrial average: 29,473.41, up 0.7% (210 points) Nasdaq composite: 11,929.04, up 0.6%
The Nasdaq closed higher on Wednesday as investors switched back to technology stocks and away from economically sensitive sectors as they weighed COVID-19 vaccine progress against a virus surge and likely timing for a economic rebound. Fred Katayama reports.
The Nasdaq closed lower on Tuesday as investors sold off technology stocks that benefited from virus lockdowns and favored the sectors that suffered most during the pandemic on optimism that a COVID-19 vaccine would turn around the economy. Fred Katayama reports.
U.S. stocks jumped on Thursday, as investors bet Republicans would retain control of the Senate and block any major policy changes under a possible Joe Biden White House that could dampen corporate profits. Fred Katayama reports.