US stock indices hit new highs on Thursday. Investors are delighted with signs of progress in agreeing on a new program of state aid to the economy. These stimulus measures should support the economy during a potential slowdown in growth during the winter season.
As a result of trading, the S & P 500 rose 21.31 points, or 0.6%, to 3722.48 points. The Dow Jones Industrial Average rose 148.83 points, or 0.5%, to 30303.37 points. The Nasdaq Composite rose 106.56 points, or 0.8%, to 12,764.75 points.
Economic Update
Congress leaders on Wednesday moved closer to agreeing on a roughly $ 900 billion bailout program that would include another round of direct payments to households. The congressmen could not come to a compromise for several months. The fact that they are close to an agreement should cheer Americans up during the difficult period of the pandemic: although the vaccine has begun to spread in the US, hospital admissions remain at a record.
Most investors are confident that the economy needs a new stimulus program to hold out until the end of winter. Mass vaccinations should help limit the spread of the virus in 2021. The increase in the number of infections affected consumer confidence and retail sales. In addition, some states have introduced new restrictions on the operation of companies.
US labor market data today showed that the economy is facing obstacles. Initial claims for unemployment benefits in the United States for the week through December 12 rose by 23,000 to 885,000, while economists expected a slight decline in the indicator.
Corporate Update
Lennar shares gained 7.6%. The developer said that construction orders and construction completed in the 1st quarter are likely to exceed analysts’ expectations.
Shares of Rite Aid is up 17%. Accenture rose 6.9%.
The yield on the 10-year US Treasury bond rose to 0.929% from 0.920% on Wednesday. The dollar continued to decline. The WSJ dollar index fell 0.3%. On Wednesday, it dropped to its lowest level since April 2018.
The downturn was triggered, among other things, by the Federal Reserve’s announcement that $ 120 billion in monthly asset purchases will continue until tangible progress is made towards targeted employment and inflation.
Today Top Movers
Cyclo Therapeutics Inc (CYTH) share price going up 86.29% at $8.83 in today’s premarket trading session after Analysts update its ranking to Buy.
Costco Wholesale Corp (COST) share price is up 0.06% at $370.5 in premarket trading on Friday. After the news of company spending millions of dollars on the Employee apprecitions.
Skillz Inc (SKLZ) is soaring 2.07%, with the share price of $23.2 in early morning on Friday after the company becomes first publicly-traded mobile esports platform.
Casper Sleep Inc. (CSPR) trading at $6.49, with the gain of 0.16% in Friday’s premarket session surged on no major update.
Top Upgrades & Downgrades
Keefe Bruyette turned bullish on Redwood Trust, Inc. (RWT), upgrading the stock to “Outperform” and assigning a $9.50 price target.
Annaly Capital Management, Inc.(NYSE: NLY) has won the favor of Keefe Bruyette’s equity research team. The firm upgraded the shares from Market Perform to Outperform and moved their price target to $9.
New Residential Investment Corp (NYSE: NRZ) received an upgrade from analysts at Keefe Bruyette, who also set their one-year price target on the stock to $10.50. They changed their rating on NRZ to Outperform from Market Perform in a recently issued research note.
Earlier Friday Stifel reduced its rating on DENTSPLY SIRONA Inc (XRAY) stock to Hold from Buy and assigned the price target to $52.
Credit Suisse analysts reduced their investment ratings, saying in research reports covered by the media that its rating for AEGON N.V. (AEG) has been changed to Neutral from Outperform.
Analysts at Credit Suisse downgraded Palantir Technologies Inc (PLTR)’s stock to Underperform from Neutral on Friday.
Latest Insider Activity
Snap Inc. (SNAP) Chief Financial Officer Andersen Derek announced the sale of shares taking place on Dec 16 at $51.44 for some 33,164 shares. The total came to more than $1.71 million.
Coeur Mining Inc. (CDE) SVP & General Counsel Nault Casey M. sold on Dec 16 a total 329,291 shares at $10.02 on average. The insider’s sale generated proceeds of almost $0.5 million.
9 Meters Biopharma Inc. (NMTR) Director Sirgo Mark A declared the purchase of shares taking place on Dec 15 at $0.65 for some 230,769 shares. The transaction amount was around $0.15 million.
Lexicon Pharmaceuticals Inc. (LXRX) Director Artal International S.C.A. bought on Dec 16 a total 32,259,461 shares at $3.20 on average. The purchase cost the insider an estimated $35.0 million.
Earnings To Watch
Top US earnings releases scheduled for today include MINISO Group Holding Limited (NYSE:MNSO). It will announce its Sep 2020 financial results. The company is expected to report earnings of $0.03 per share from revenues of $291.99M in the three-month period.
Analysts expect TuanChe Limited (NASDAQ:TC) to report a net income (adjusted) of -$0.24 per share, when the bank releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2020 is predicted to come in at $12.79M.
NIKE Inc. (NKE), due to announce earnings after the market closes today, is expected to report earnings of $0.62 per share from revenues of $10.56B recently concluded three-month period.
