On Wednesday, the New York Stock Exchange ended marginally higher, enabling the large S&P 500 index to narrowly set its 28th record for 2020. Markets have been bolstered by the expectations of a bipartisan conciliation on a new budget funding package in the United States, as well as the promise of a coronavirus vaccine campaign that will launch in the United Kingdom next week. In the expectation of an OPEC deal on an extension of its production cuts, oil has rebounded. On the other hand, against the backdrop of the growth of the Covid-19 outbreak, the latest U.S. job statistics in the private sector in November disappointed.
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The Dow Jones rose 0.20 percent to 29,883 points at the close, not far from its 24 November high (30,046 points), while the large S&P 500 index hit a new record of 0.18 percent to 3,669 points. Rich in technology and biotech stocks, the Nasdaq Composite Index ended almost flat (-0.05 percent) with 12,349 points.
On the trade front, President-elect Joe Biden said that he would not move immediately to reverse the tariff agreement with China. According to comments obtained during an interview with Thomas Friedman in the New York Times, Biden intends to first conduct a thorough analysis of the current agreement and consult with the Asian allies of the United States to establish a coherent strategy on the subject.
Biden wants to advance against corrupt practices in China, including intellectual property, dumping, corporate subsidies, and forced transfer of technology. In the meantime, tensions remain high with Beijing shortly before the inauguration of Biden, with the Trump administration signaling its intention to act even before the end of the White House presidency.
On the stocks end, on the day after the announcement of the purchase of Slack Technologies (-2.58 percent), CRM software business Salesforce (-8.52 percent) weighed $27.7 billion on the Dow Jones, a deal whose importance is not deemed apparent by financial analysts.
