Tuesday Stock Market Update
The Dow Jones Industrial Average and S&P 500 fell, while the Nasdaq Composite closed at an all-time high on Tuesday.
- The Dow Jones Industrial Average fell 200.94 or 0.67 percent, to close at 30,015.51.
- The S&P 500 fell 0.21 percent to close at 3,687.26.
- The Nasdaq Composite gained 0.51 percent to close at 12,807.92.
Markets were flat after Congress passed a $900 billion stimulus package.
“The biggest single component of the new COVID relief bill is the re-funding of the Paycheck Protection Program, with a total of $284 billion,” Ian Shepherdson of Pantheon Macroeconomics said. “It worked – and will work again – by offering loans to small businesses based on the size of their payrolls.”
“With services jobs now in free fall, according to the alarming daily data from Homebase, this can’t come a second too soon, though in reality firms likely won’t be able to make applications under the new program for another couple weeks,” he added. “Still, this is a big step forward, helping bridge the gap between the third wave-ravaged services economy and the post-pandemic world of the spring.”
On Wednesday keep an eye out for:
- Durable Goods Orders.
- Nondefense Capital Goods Orders Ex Aircraft
- Paychex Inc., Naito & Co. Ltd., and exactEarth Ltd. are reporting earnings.