NEW YORK – Wall Street stocks finished mostly lower yesterday on disappointment over the lack of progress on a US stimulus bill, while Disney shares skyrocketed on higher streaming demand.
Major indices concluded a choppy week of trading modestly lower following the session, but remained near all-time highs.
The Dow Jones Industrial Average added 0.2% at 30,046.37.
The broad-based S&P 500 declined 0.1% to 3,663.46, while the tech-rich Nasdaq Composite Index shed 0.3% to 12,377.87.
In Washington, the US Senate approved a one-week budget stopgap that avoids a government shutdown, but the outlook for a long-awaited coronavirus relief package, without which analysts fear a renewed downturn in economic activity, remains uncertain.
A bipartisan group of lawmakers has been working to win support for a US$908 billion (RM3.68 trillion) plan that includes new unemployment aid, help for state and local governments, and limited liability protections for businesses.
But, party leaders remain at loggerheads over the package, as Americans face the worst economic downturn in decades amid the greatest public health crisis in a century.
“The two big factors that pushed the market lower today are the lack of any progress on fiscal stimulus from the US and the disappointing news out of the UK regarding Brexit,” said LBBW’s Karl Haeling, pointing to sagging hopes for a deal between London and Brussels on a new trade pact.
Among individual stocks, Disney jumped 13.6% after reporting that its year-old streaming TV service, Disney+, has passed 86.8 million subscribers, beating its “wildest expectations”, said the company CEO.
The growth in Disney+ has helped offset weakness in other company businesses during the pandemic, especially theme parks.
Lululemon Athletica dropped 6.7% despite reporting higher profits on a 19% rise in comparable sales for the third quarter. The apparel firm avoided earnings forecasts amid uncertainty over the Covid-19 crisis. – AFP, December 12, 2020
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