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.
Sign up for Kiplinger’s Free E-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.
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
Stock Market Today: Nasdaq Soars Ahead of Tesla Earnings
The EV stock rose nearly 2% ahead of its highly anticipated Q1 earnings report, due after tonight's close.
By Karee Venema Published
-
GM Stock Accelerates After Earnings Beat
General Motors beat expectations for the first quarter and raised its outlook for the year. Here's what you need to know.
By Joey Solitro Published
-
Stock Market Today: Nasdaq Soars Ahead of Tesla Earnings
The EV stock rose nearly 2% ahead of its highly anticipated Q1 earnings report, due after tonight's close.
By Karee Venema Published
-
Stock Market Today: Markets Rebound Ahead of Big Week for Earnings
Equities rallied on easing geopolitical tensions, upcoming quarterly results.
By Dan Burrows Published
-
Stock Market Today: Nasdaq Spirals as Netflix Nosedives
A big earnings boom for credit card giant American Express helped the Dow notch another win.
By Karee Venema Published
-
Stock Market Today: S&P 500, Nasdaq Extend Losing Streaks
The two indexes have closed lower for five straight sessions.
By Karee Venema Published
-
Stock Market Today: Dow Slips After Travelers' Earnings Miss
The property and casualty insurer posted a bottom-line miss as catastrophe losses spiked.
By Karee Venema Published
-
Stock Market Today: Stocks Stabilize After Powell's Rate-Cut Warning
The main indexes temporarily tumbled after Fed Chair Powell said interest rates could stay higher for longer.
By Karee Venema Published
-
Stock Market Today: Stocks Reverse Lower as Treasury Yields Spike
A good-news-is-bad-news retail sales report lowered rate-cut expectations and caused government bond yields to surge.
By Karee Venema Last updated
-
Stock Market Today: Nasdaq Leads as Magnificent 7 Stocks Rise
Strength in several mega-cap tech and communication services stocks kept the main indexes higher Thursday.
By Karee Venema Published