On Wednesday, the penultimate session of 2020, the New York Stock Exchange advanced, with the Dow Jones index closing at a historic high and other big indices reaching theirs. As a part of the latest assistance package in the United States, and through the coronavirus vaccine program, investors continue to expect a solid economic rebound in 2021. The dollar dropped to a two-and-a-half-year low, a bout of weakness that supported oil and gold prices, buoyed by revived risk aversion.
The Dow Jones index rose 0.24 percent to 30,409 points at the close, just 6 points above its previous record on Monday, and after reaching to a session high of 30,525 points. The S&P 500’s large index advanced 0.13% to 3,732 points (3 points below its Monday high) and the Nasdaq Composite Index, rich in electronics and biotech companies, rose 0.15% to 12,870 points, finishing at 0.2% below its Monday high of 12,899 points.
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There have been no big surprises about the new macroeconomic indicators released in the United States. In November, the Goods Trade Balance Adv stood at $84.8 billion, up from a consensus of $82 billion and $80.3 billion in October. Compared with October, wholesale inventories for November were down 0.1 percent. The manufacturing index Chicago PMI came out higher than expected at 59.5 in December versus a business consensus of 57 and 58.2 in November. As calculated by the National Association of Realtors, the Pending Home Sales Index fell by 2.6 percent month-on-month in November, against a steady consensus, and by -0.9 percent in October.
Finally, the State Street Investor Confidence Index in December dipped above forecasts at 104.1, down from a revised 90.8 in November. Regeneron Pharmaceuticals, Inc. (REGN) was down -1.22% to $478.3. The company on Tuesday announced that further research was validated by the first findings of a clinical trial for its experimental treatment for Covid.