December 14, 2020

December 14, 2020

Stocks opened higher but spent the day volatile with the NASDAQ being the only major index to finish in positive territory. In economic news, there were 853,000 jobless claims last week, higher than the expected 720,000.

 

Dow Jones -185 at 29,862

S&P 500 -16 at 3,647

NASDAQ +62 at 12,440

 

The 10 Year Treasury closed flat yielding 0.89%

Oil prices closed up $0.37 ending at $46.94 a barrel

Gold prices closed down $11 ending at $1,829 an ounce

 

In corporate news:

  • Shares of Pfizer and BioNTech both dropped, despite receiving emergency use authorization from the FDA for its Covid-19 vaccine, which was distributed throughout the U.S. today.
  • Electronic Arts announced a deal to buy Codemasters, a U.K. based video game maker, for $1.2 billion in cash. This deal surpassed Take Two interactive’s initial offer and the company said it will review its position to counter Electronic Arts.
  • Airbnb received a double downgrade at Gordon Haskett Research Advisors, which cited the valuation for the newly public stock is stretched and that several investors it spoke to are interested in taking quick gains. Airbnb shares dropped over 6% today.

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