U.S. Indices Missed Records Highs With Little Margins

US stock indexes were trading in the green zone on Wednesday, December 30, at the close of trading, with a limited volume of trades on the eve of the New Year holidays. Moreover, when Senator Mitch McConnell blocked an immediate vote to authorize a raise in household payments from $600 to $2000, several consumers decided to take a break with bonuses in the face of confusion.

Data on the amount of crude oil reserves from the EIA was among the interesting macroeconomic statistics released on the day. According to the department, black gold stocks decreased by 6,065 million barrels in the week from December 23 to December 30, although the expected decline was just 2,583 million barrels.

At close of the trading, the broad-market Standard & Poor’s 500 index was up 0.13% to 3,732.04 points (missed the Monday high of 3,735 by 3 points), the blue-chip Dow Jones Industrial Average rose 0.24% to 30,409.56 points rising 6 points above to its previous high on Monday, and the Nasdaq Composite index of high-tech industries finished just 2% below from its high of 12,899 points on Monday. Nasdaq was up 0.36% to 12,870.00 points at session’s end.

Futures for key commodities show mixed dynamics. Gold futures for February 2021 delivery were up 0.60% at $1,891.00 a troy ounce. WTI crude futures for February delivery were up 0.83% at $48.40 a barrel. The EUR/USD currency pair strengthened its position by 0.25% to 1.2253 while the yield on ten-year US government bonds dropped by 0.9 bps to 0.9260%.

Among the favorites of the investors on the day were also the shares of fashion retailer Tapestry, Inc. (TPR) which rose +4.45% to $31.45 missing its 52-week high of $31.65 by 20 cents. Investment firm Guggenheim raised its target price for the company’s shares from $27 to $35 and gave a “Buy” recommendation.

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