Nasdaq hits record high as $900B coronavirus aid package clears Congress
Apple is reportedly forging ahead with plans for a self-driving car
The Nasdaq Composite rallied to an all-time high Tuesday after Congress passed a $900 billion COVID-19 aid package.
The tech-heavy index gained 0.51% while both the Dow Jones Industrial Average and the S&P 500 finished lower, falling 0.67% and 0.21% respectively.
The aid package will give a $600 direct payment to most Americans and an additional $300 per week of supplemental unemployment insurance through March. Paycheck Protection Program loans and COVID-19 vaccine rollouts are among the other programs that will receive funding.
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Looking at stocks, American Airlines and United Airlines were preparing to recall tens of thousands of furloughed employees as the airline industry is set to receive $15 billion in payroll support through the aid package.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 14.61 | +0.09 | +0.62% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 97.44 | +0.61 | +0.63% |
Drugmakers Pfizer Inc. and BioNTech SE, meanwhile, are testing the effectiveness of their COVID-19 vaccine against a new fast-spreading coronavirus strain that stressed markets on Monday.
In tech, Apple Inc. shares were on track for a second day of gains after a report released shortly before Monday’s closing bell said the company is pressing ahead with plans for a self-driving vehicle that it hopes will be ready in 2024.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 237.33 | +2.40 | +1.02% |
| PLUG | PLUG POWER INC. | 2.24 | +0.11 | +5.16% |
The plan also includes Apple creating its own battery technology, driving up shares of fuel cell systems-makers like Plug Power Inc.
Peloton Interactive Inc. agreed to buy fitness equipment maker Precor for $420 million. The deal will give Peloton increased production capacity.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PTON | PELOTON INTERACTIVE INC. | 10.34 | +0.61 | +6.27% |
| COP | CONOCOPHILLIPS | 108.34 | +0.95 | +0.88% |
Meanwhile, ConocoPhillips discovered as many as 200 million barrels of oil in the Norwegian Sea. The company has an 80% stake where the well was drilled.
Looking at commodities, West Texas Intermediate crude oil fell 95 cents to $47.02 per barrel while gold tumbled $12.60 to $1,866.60 per ounce.
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The Euro Stoxx 600 climbed 1.28% while Germany’s DAX and France’s CAC 40 were higher by 1.3% and 1.36%, respectively. Britain’s FTSE 100 lagged, up 0.57%.
Asian markets were lower across the board with China’s Shanghai Composite losing 1.87%, Japan’s Nikkei sliding 1.04% and Hong Kong’s Hang Seng index declining 0.71%.