December 9, 2020

December 9, 2020

Stocks opened higher this morning, but turned negative early on, with every major index finishing in negative territory. In economic news, consumer credit dropped to $7 billion from $15 billion in October.

 

Dow Jones -105 at 30,0069

S&P 500 -29 at 3,673

NASDAQ -244 at 12,339

 

The 10 Year Treasury closed up 2 basis points yielding 0.94%

Oil prices closed up $0.04 ending at $45.64 a barrel

Gold prices closed down $38 ending at $1,832 an ounce

 

In corporate news:

  • Shares of the pet product’s retailer, Chewy, dropped over 4% despite losing less than expected during its latest quarter. The company also beat revenue estimates and issued an upbeat outlook.
  • Citi raised its price target on Roku to $375 per share from $220, citing the streaming video device maker has several catalysts on the rise including new distribution agreements.
  • McDonald’s franchisees say they will raise prices for “Happy Meals” if McDonald’s goes ahead with a plan to end a $300 per month subsidy used to offset the cost of the toys include with the meals.

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