On Monday, the New York Stock Exchange ended at new all-time highs, albeit marginal in amount of trading only days before the end of 2020. Markets celebrated the approval by Donald Trump of the proposed almost $900 billion budget funding package that the US President had tried to filibuster over the weekend. As the Brexit agreement and the launch of the coronavirus vaccine program in the European Union this weekend eased, European markets have ended up stronger.
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The key indices set new highs at the close. The industrial average of the Dow Jones added 0.68 percent to 30,403 points, while the large S&P 500 index rose 0.87 percent to 3,735 points, and the technology-rich and biotech-rich Nasdaq Composite Index improved 0.74 percent to 12,899 points.
The last-minute Brexit deal reassured stocks, as well as the final implementation of the current U.S. $892 billion coronavirus relief plus federal government funding package, which includes $600 in direct aid to Americans, as well as unemployment insurance for around 14 million unemployed and SME assistance (technical unemployment financing). On December 22, the bill was approved by Congress, but President Trump initially declined to ratify it, insisting that direct aid be expanded from $600 to $2,000 for U.S. households.
The US President eventually ratified the text in its original form, including restoring unemployment insurance for millions of Americans, despite criticism from his own Republican camp. Through signing the $1,400 billion federal spending bill for 2021, Donald Trump has prevented federal government shutdowns.
Tesla, Inc. (TSLA) was up +0.29% to $663.69. The local transport minister told the Indian Express newspaper on Monday that Tesla, the latest entrant to the S&P 500, would reach the Indian market early next year. The California-based electric vehicle designer should start by selling vehicles before considering assembling and producing them in the country according to demand.
