At the close of trade, the Dow Jones Industrial Average index fell 200.94 points, or 0.67%, to 30,015.51. The S&P 500 index was down 7.66 points, or 0.21%, to 3,687.26. The tech-heavy Nasdaq Composite Index rose by 65.40 points, or 0.51%, to 12,807.92.
The E.U. banned United Kingdom flights to Europe due to fears about a new strain of coronavirus, said to be up to 70% more transmissible than the original. A more-virulent strain of the coronavirus in Britain sparked fears of fresh disruptions and weighed on investors' expectations of a vaccine-led economic rebound.
The $900 billion relief package includes federal assistance for the unemployed, small businesses and healthcare providers as well as $600 in direct payments to individuals. The relief package was attached to a $1.4 trillion government spending bill that funds the government through September 30th. The bill is expected to be signed by President Donald Trump in the coming days.
The best performers of the session on the Dow Jones Industrial Average were Apple Inc, which rose 3%. Meanwhile, Salesforce.com Inc added 1.9% and Microsoft Corporation was up 0.4%. The worst performers of the session were Walgreens Boots Alliance Inc, which fell 3.6%. Amgen Inc declined 2.6% and Goldman Sachs Group Inc was down 2.4%.
The top performers on the S&P 500 were Coty Inc which rose 7.1%, Fortinet Inc was up 4.5% and Albemarle Corp gained 3.8%. The worst performers were CarMax Inc which was down 7.9%, Norwegian Cruise Line Holdings lost 6.4% and Mosaic Co was down 5.3%.
The top performers on the NASDAQ Composite were Ocugen which rose 151.7%, Foresight Autonomous Holdings was up 69.9% and Microvision gained 57.9%.The worst performers were Soligenix Inc which was down 50%, China Customer Relations Centers Inc lost 45.8% and Venus Concept Inc was down 24 %.
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ECONOMIC NEWS: US Q3 GDP Growth Revised Upwardly To 33.4%-- US economy rebounded by slightly more than previously estimated in the third quarter of 2020, according to revised data released by the Commerce Department on Tuesday. The report showed the spike in gross domestic product in the third quarter was upwardly revised to 33.4% from the previously reported 33.1%. The Commerce Department said the unexpected upward revision primarily reflected larger increases in consumer spending and non-residential fixed investment.
The substantial increase in GDP in the third quarter came following a record contraction in the second quarter, when GDP plunged by 31.4%. A measure of an industry's contribution to GDP showed private goods-producing industries increased 47.2%, private services-producing industries increased 35.1%, and government increased 10.1%.
US Existing Home Sales Pull Back In NovemberUS existing home sales tumbled by 2.5% to an annual rate of 6.69 million in November after jumping by 4.4% to a revised rate of 6.86 million in October, the National Association of Realtors reported on Tuesday. Despite the monthly decrease, existing home sales in November were up by 25.8% compared to the same month a year ago. The report said the median existing home price for all housing types was $310,800 in November, down 0.7% from $313.100 in October but up 14.6% from $271,300 in November of 2019.
Housing inventory totaled 1.28 million units at the end of November, down 9.9% from 1.42 million at the end of October and down 22.0% from 1.64 million a year ago. The unsold inventory represents an all-time low of 2.3 months of supply at the current sales pace, down from 2.5 months in October and down from 3.7 months in November of 2019. NAR also said single-family home sales slumped by 2.4% to a rate of 5.98 million, while existing condominium and co-cop sales tumbled by 2.7% to 710,000.
US Consumer Confidence Index Slides In DecemberUS consumer confidence index slid to 88.6 in December from a downwardly revised 92.9 in November, according to a report released by the Conference Board on Tuesday. The unexpected decrease by the headline index partly reflected a steep drop in consumers' assessment of current conditions, with the present situation index tumbling to 90.3 in December from 105.9 in November. Consumers claiming business conditions are "good" decreased to 16.0% from 18.8%, while those claiming business conditions are "bad" increased from to 39.5% 34.9%. The assessment of the labor market was also less favorable, as the%age of consumers saying jobs are "plentiful" fell to 21.8% from 26.3% and those claiming jobs are "hard to get" rose to 22.0% from 19.4%.
Among Indian ADR, HDFC Bank added 0.1% to $68.42, INFOSYS rose 4.08% to $16.58, Dr Reddys Labs added 1.66% to $69.31, and Vedanta rose 1.6% to $7.63. Wipro added 4.18% to $5.48, WNS Holdings rose 1.78% to $71.56, and Azure Power Global added 2.42% to $36.43. ICICI Bank dropped 0.15% to $13.66 and Tata Motors fell 1.16% to $11.06.
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