US Stocks end higher

The US stocks gained on Wednesday, 30 December 2020, with all three indexes the S&P 500 index, the Dow Jones Industrial Average, and the technology-heavy Nasdaq Composite closing higher, as recent signing of a coronavirus aid bill and rollout of vaccines have bolstered expectations that the economy will quickly rebound from the pandemic.

At the close of trade, the Dow Jones Industrial Average index added 73.89 points, or 0.24%, to 30,409.56. The S&P 500 index was up 5 points, or 0.13%, to 3,732.04. The tech-heavy Nasdaq Composite Index rose 19.78 points, or 0.15%, to 12,870.

Investors have pushed stocks to sky-high valuations this year on expectations that widespread vaccine distribution in 2021 will reignite economic growth and boost corporate profits. Investors also cheered the news of U.S. government $600 payments for pandemic relief which set to hit the bank accounts of millions of Americans later this week and UK's decision to grant emergency use authorization to AstraZeneca's COVID-19 vaccine.

 

ECONOMIC NEWS:- US Pending Home Sales Slide 2.6% In November- US pending home sales index slid 2.6% to 125.7 in November after falling by 0.9% to 129.1 in October, the National Association of Realtors reported on Wednesday. Pending home sales declined for the third straight month but were still up by 16.4% compared to the same month a year ago. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

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