On December 15th, the financial markets closed the day with a sharp rise in major indices, aided by the end of the epic presidential election, the beginning of mass vaccination, and the proximity of a new package of economic benefits to an agreement between Republicans and Democrats in Congress.
On the day, a draft economic support program of $908 billion negotiated by the parties of Congress was introduced, containing two components: a $748 billion package to support small businesses and the unemployed, and a $160 billion package to aid regional authorities and businesses. The evening meeting between members of the house with Treasury Secretary Steven Mnuchin would improve the chances of early acceptance of the project.
This inspired hope among the investors who are also betting on the Fed’s decision today to hold interest rates for a long time at the current pace.
The atmosphere was not spoiled by macroeconomic statistics. In November, the amount of industrial production in the United States increased by 0.4 percent compared to the previous month, while experts’ consensus forecast predicted a rise of just 0.3 percent. At the same time, despite a rise of 0.9 percent a month ago, the data still shows a slowdown. And in annual comparison, industrial production decreased by 5.5 percent in November.
The Dow Jones Industrial Average rose 1.13 percent to 30,199.31 points at the end of the day. The Standard & Poor’s 500 broad-based index rose 1.29 percent to 3,694.62 points, while the high-tech Nasdaq index rose 1.25 percent to close at 12,595. 06.
447 stocks finished in the black as part of the S&P 500 Index. All industry indices showed growth, with the utility sector standing out, adding 1.94 percent after a period of decline.
The pitch in the technology industry was set by Apple’s shares, which has jumped up by 5.01 percent to $127.88 in the session. In its report, the company reported plans to increase the production of iPhone by 30% in the first half of 2021.