The stock market closed higher on Monday after President Donald Trump signed a $900 billion stimulus package that includes enhanced unemployment benefits, small business relief and government funding to avert a shutdown, among other programs. Eligible individuals can also expect a second direct payment from the government – currently worth $600.
The Dow Jones Industrial Average hit a record high of 30,403, up 204 points, or 0.68%.
China cracks down on Ant Group. Ant Group, founded by Jack Ma, who also co-founded Chinese e-commerce giant Alibaba Group (ticker: (BA)(BA)), was forced to scale down operations following an antitrust investigation by the Chinese government. Increased pressure from China’s regulators for Ant Group to rectify its business activities to comply with regulatory requirements has worried global investors about the company’s fate.
(BA)(BA) stock continued to fall Monday but recovered some of its losses, ending the trading day barely in the green. Shares fell by more than 13% last Thursday when the investigation was announced and are down 16% in December.
AstraZeneca‘s “winning formula” vaccine. The COVID-19 vaccine developed by pharmaceutical company AstraZeneca ((AZN)) in partnership with the University of Oxford could be effective against COVID-19 variants, according to the company’s CEO, Pascal Soriot. There were initial concerns about the efficacy of AstraZeneca‘s vaccine compared to the vaccine efficacy of its competitors, Pfizer (PFE) and Moderna (MRNA). In late November, AstraZeneca reported a 70% average effective rate against the virus. Soriot touted the vaccine’s “winning formula,” which is currently under review by UK. health regulators and is expected to be approved in the UK. this week.
Shares of (AZN) closed the day up almost 2%.
Data as of 4:00:00 PM on 12/28/2020