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.
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.