US Stock Market Overview – Stocks Rally Led by Energy; Communications Buck the Trendyields rise
U.S. stocks moved higher on Tuesday rebounded from Monday’s losses. Energy shares were the best performing sector in the S&p 500 index, as oil prices continued to rise. Communications bucked the trend. President Trump denied any wrongdoing as House Republicans wrestled with how to respond to accusations he incited last week’s violence at the Capitol, with some proposing censure and others open to Democrats’ move to impeach him. Americans spent a record amount only on gifts during the holiday season. General Motels unveiled an all-electric van that is being built under its new Brightdrop Brand. The Trump administration is releasing second doses of coronavirus vaccines held back for booster shots and is urging states to administer the vaccine to anyone over age 65. U.S. Treasury yields continue to back up, hitting 1.18, the highest level since April. Corn prices busted out, following a report from the WASDE that showed a smaller than expected carryover of corn from the prior year. Soybean prices also shot up on bullish news.
75% of retail CFD investors lose money
American’s Spend a Record on Online Sales
U.S. online purchases during the holiday season surged 32.2% from 2019, totaling a record $188.2 billion according to Adobe Analytics. During November, E-commerce sales included Black Friday and Cyber Monday, reached $100 billion for the first time. Groceries, appliances and books surged in popularity around the holidays, while online sales of toys were up 50% from 2019, and the jewelry category was up 66%.
Low-Interest Rates Fuel Muni Bond Issuance
Municipal bond issuance in 2020 was the highest in a decade, reflecting the collapse of interest rates and the increased costs cities and state governments are facing from Covid-19 shutdowns. The muni issuance boom is unlikely to abate as cash-strapped local governments struggle to make up for ongoing Covid-19-related shortfalls.