Markets End 2020 On A Cheery Note

With positive news announcements about the vaccines and successful clinical trials, the healthcare industry remained in the limelight, gaining 2.10 per cent during the fortnight

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During the fortnight, the new emergence of patients with a new corona virus strain concerned many whiles on the other hand, stock markets have been eager to end 2020 with record highs. Investors tried to make the best of the remaining days of 2020 with a stock-specific approach in mind. Stocks in global as well as domestic markets rallied with strong performances while some investors rushed to book profits out of the previous rallies. Overall, in spite of the rising corona virus cases and the subsequent restrictions being implemented by many countries across the globe, markets and investors look forward to ending 2020 with a cheer. During the last few weeks, American stock markets did see some volatility. The US House of Representatives has passed a bill to meet President Donald Trump’s demand for increasing direct coronavirus relief payments from USD 600 proposed to USD 2,000 which now faces an obstacle at the Republican-run Senate. In a last-minute change, the bill proposes to tweak the nearly USD 1 trillion package signed into law by President Donald Trump on Sunday. Applauding the move, many said that since the US is a consumer economy, putting more money into the hands of its citizens will surely give a boost to the economy.

On the other hand, jobless claims in the US witnessed a fall as data from the Department of Labor showed that initial claims for unemployment benefits fell but still remained at higher levels. Indices such as NASDAQ, S & P 500, and DJIA rose by 2.03 per cent, 0.88 per cent and 0.45 per cent, respectively. IT stocks continued gaining momentum, being less scathed by the pandemic as compared to other sectors.