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US Stocks end higher

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Capital Market
Last Updated : Dec 24 2020 | 10:16 AM IST
The US stocks closed mostly higher on Wednesday, 23 December 2020, with the S&P 500 index and the Dow Jones Industrial Average closing higher, while the technology-heavy Nasdaq Composite settled lower, as investors weighed a mixed set of reports on the economy as well as President Trump's opposition to recent spending packages passed by Congress.

At the close of trade, the Dow Jones Industrial Average index advanced 114.32 points, or 0.38%, to 30,129.83. The S&P 500 index was up 2.75 points, or 0.07%, to 3,690.01. The tech-heavy Nasdaq Composite Index declined 36.80 points, or 0.29%, to 12,771.11.

Gains by financial, communication services, energy and other sectors were kept in check by declines elsewhere, including technology companies, which helped pulled the Nasdaq slightly lower.

The government released an avalanche of data on the economy that showed some optimistic signs and several disappointing ones. U.S. household spending fell in November for the first time since April, and incomes also dropped, signs the virus is weighing on economic growth. Jobless claims fell to 803,000 last week, a retreat from a three-month high.

Trump threatened not to sign an $900 billion coronavirus relief bill, saying he wants Congress to increase the amount in the stimulus checks which lawmakers approved on Monday. Trump said late Tuesday that he wants to see bigger cash payments going to most Americans, up to $2,000 for individuals. He also criticized other parts of the bill.

COVID-19 cases continued to surge in the United States, with more than a million new cases in just six days, and Americans were warned again to avoid travelling for Christmas.

Pfizer and the US government reached a new deal worth nearly $2 billion for 100 million COVID-19 vaccine doses. 70 million additional doses would be available to the US by the end of June 2021, with an additional 30 million doses available by the end of July 2021.

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First Published: Dec 24 2020 | 9:58 AM IST

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