briefing end of day Market wrap
Monday December 21, 2020
Financial stocks led recovery effort t.co
excerpt -
The influential information technology (+0.1%) and financials (+1.2%) sectors helped the market recover.
The energy (-1.8%), utilities (-1.3%), consumer staples (-1.1%), and health care (-1.0%) sectors finished as laggards,
with energy stocks pressured by lower oil prices ($47.79/bbl, -1.25, -2.6%).
The financials sector noticeably outperformed after the Fed said it will permit large banks to repurchase shares in the first quarter, albeit with income limitations.
JPMorgan Chase (JPM 123.55, +4.47, +3.8%) authorized a $30 billion share repurchase program, and Goldman Sachs (GS 256.98, +14.85, +6.1%) shares surged 6%.
The market, and Dow, received further support from Apple (AAPL 128.23, +1.58, +1.2%), Microsoft (MSFT 222.59, +4.00, +1.8%),
and Nike (NKE 144.02, +6.72, +4.9%). Tesla (TSLA 649.86, 45.14, -6.6%), meanwhile, was a drag on its first day as an S&P 500 component.
Apple is reportedly targeting 2024 to produce passenger vehicles with self-driving capabilities and breakthrough battery technology, according to Reuters.
Microsoft was upgraded to Buy from Neutral at Citigroup.
Nike reported positive earnings results and an encouraging revenue outlook.
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TSLA daily chart -
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