Stock Market Today: Nasdaq Hits Fresh Highs Ahead of Key Washington Meeting
Stocks jumped ahead Tuesday ahead of a pivotal meeting of Congressional and White House leaders, who will try to hash out COVID stimulus and a spending bill.
The market's churn around all-time highs continued Tuesday with a solid day of gains as a potential make-or-break moment in COVID stimulus neared.
House Speaker Nancy Pelosi invited Senate Minority Leader Chuck Schumer, congressional GOP leaders and Treasury Secretary Steven Mnuchin to a 4 p.m. meeting to discuss a potential stimulus package, as well as a spending bill that both chambers must pass by Friday to avoid a government shutdown.
Meanwhile, a Food and Drug Administration review of Moderna's (MRNA, -5.1%) COVID vaccine confirmed its high efficacy rate, setting the stage for a potential approval soon.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The Dow Jones Industrial Average jumped 1.1% with some help from Apple (AAPL, +5.0%), which boomed on the back of a Nikkei report, citing unnamed sources, saying the company would ramp up iPhone manufacturing by 30% during 2021's first half.
But the stars of the day were the Nasdaq Composite (+1.3% to 12,595) and small-cap Russell 2000 (+2.4% to 1,959), both of which eclipsed their prior highs.
Other action in the stock market today:
- The S&P 500 gained 1.3% to 3,694.
- Gold futures improved by 1.3% to settle at $1,855.30 per ounce.
- U.S. crude oil futures closed up 1.3% to $47.62 per barrel.
The Best ETFs for 2021
But even some with a bullish outlook for 2021 think the market is ready for at least a short-term breather.
"We believe there is still a little too much enthusiasm in an otherwise healthy environment," says Canaccord Genuity equity strategist Tony Dwyer. "The combination of extreme bullishness, broad acceptance of the economic recovery rotation, and a historic ramp in our favored areas have us looking for a near-term pause in the upside."
Naturally, investors can feel free to use any such pause (or more specifically, any such dip) to settle into positions they believe will help them generate a little more "oomph" in 2021.
We've already begun looking at high-potential stocks across the market's many sectors and industries -- including our best overall picks for 2021 -- and we'll continue to identify opportunities for the new year across the next several weeks. But stocks aren't the only way you can leverage the major themes expected to play out in 2021.
Exchange-traded funds (ETFs) are more nimble and targeted as ever, allowing investors to achieve just about any objective, wide or narrow. Read on, then, as we share our annual look at the best ETFs for the year to come. Whether you're looking for core portfolio holdings, red-hot growth plays or safety valves, this list has something for every investor.
-
3 Steps to Keep Your Digital Data Safe from CyberattacksAs data breaches and cyberattacks increase, it's vital to maintain good data hygiene and reduce your personal information footprint. Find out how.
-
Why You Can Afford to Ignore College Sticker PricesCollege tuition fees can seem prohibitive, but don't let advertised prices stop you from applying. Instead, focus on net costs after grants and scholarships.
-
S&P 500 Tops 7,000, Fed Pauses Rate Cuts: Stock Market TodayInvestors, traders and speculators will probably have to wait until after Jerome Powell steps down for the next Fed rate cut.
-
S&P 500 Hits New High Before Big Tech Earnings, Fed: Stock Market TodayThe tech-heavy Nasdaq also shone in Tuesday's session, while UnitedHealth dragged on the blue-chip Dow Jones Industrial Average.
-
Dow Rises 313 Points to Begin a Big Week: Stock Market TodayThe S&P 500 is within 50 points of crossing 7,000 for the first time, and Papa Dow is lurking just below its own new all-time high.
-
Nasdaq Leads Ahead of Big Tech Earnings: Stock Market TodayPresident Donald Trump is making markets move based on personal and political as well as financial and economic priorities.
-
11 Stock Picks Beyond the Magnificent 7With my Mag-7-Plus strategy, you can own the mega caps individually or in ETFs and add in some smaller tech stocks to benefit from AI and other innovations.
-
If You'd Put $1,000 Into UPS Stock 20 Years Ago, Here's What You'd Have TodayUnited Parcel Service stock has been a massive long-term laggard.
-
Dow Dives 870 Points on Overseas Affairs: Stock Market TodayFiscal policy in the Far East and foreign policy in the near west send markets all over the world into a selling frenzy.
-
Small Caps Can Only Lead Stocks So High: Stock Market TodayThe main U.S. equity indexes were down for the week, but small-cap stocks look as healthy as they ever have.
-
Dow Adds 292 Points as Goldman, Nvidia Soar: Stock Market TodayTaiwan Semiconductor's strong earnings sparked a rally in tech stocks on Thursday, while Goldman Sachs' earnings boosted financials.
