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.
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.