U.S. stocks rallied on Tuesday, breaking a recent rally that sent important benchmarks to new records.
The S&P 500 has fluctuated between small profits and small losses and has recently increased by about 0.2%. The Dow Jones Industrial Average rose by an average of 4 points, or less than 0.1%. The Nasdaq Composite lost about 0.1%. All three indices closed on Monday at their highest level.
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Stocks increased in the last days of the year, with the latest increase partly due to US legislators’ efforts to implement a second stimulus package to help the economy. The House of Representatives approved a bill Monday that would increase subsidy controls from $600 to $2,000. He’s now moving to the Senate, where his fate is not clear. The coronavirus continues to spread in the United States and many Americans still need economic aid.
Some people are passionate about the hunt for records. Market dynamics are driving and exceeding these records, he said.
Carsten Brzeski,
Worldwide head of macro-research
ING Group.
ING -0.89%.
These are theoretical thresholds, but reference points can lead their own lives, and that is what is happening now.
One of the bright spots in the economy remains housing. New data released on Tuesday shows that the rise in property prices accelerated in October, as strong demand has brought home sales to their highest level in 14 years.
The trade volume is also usually lower in the last days of the year, when many people are on holiday, which can strengthen the market movement.
On Monday, the House of Representatives voted to increase federal direct payments to $2,000, paving the way for the bill to be considered by the Senate.
Photo:
lea millis/Reuters
Outside Germany, the pan-continental Stoxx Europe 600 rose by 0.8%. In the UK, where markets reopened on Tuesday, the main benchmark, the FTSE 100, rose 1.9%, as investors supported the post-Brexit deal reached on Christmas Eve. Britain and the European Union have concluded a free trade agreement that puts an end to four years of uncertainty.
A Brexit agreement would jeopardize sentiment. As the investors return to the office for the first time since Christmas, people are looking at the details of the deal, he said.
James Athey,
Director of Investments at Aberdeen Standard Investments.
In Asia, most of the key benchmarks have risen. The Japanese Nikkei 225 Index rose 2.7% to its highest level in 30 years. Hong Kong’s Hang Seng index increased by 1%, while Shanghai’s composite index decreased by 0.5%.
The dynamics of the Asian stocks shows that this whole campaign to promote the vaccine is going globally, Blockland said. We’re pretty optimistic for 2021. We believe that economic recovery will resume from the first quarter and that the stimulus from the United States will contribute to this.
-Gunyan Banerjee contributed to this article.
Email Anna Hirtenstein at [email protected]
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