Global stocks gained over the week on optimism that a US stimulus deal will be reached as well as the roll out of vaccines. The S&P 500 rose 1.3% and the Dow was up 0.4% for the week. Abroad, the FTSE All World Ex US climbed 1.5% for the week. The yield on the 10-year Treasury rose over the week to finish at 0.95%. Bitcoin crossed the $20,000 threshold for the first time in its history.
China’s economic activity continued to rebound in November. Industrial output, investment and consumer spending all picked up pace in November.
US retail sales fell a seasonally adjusted 1.1% in November.
Information released at the conclusion of the Fed’s December meeting showed officials expect the Fed Funds rate to stay near zero through at least 2023. The Fed has also been buying $80 billion in Treasurys and $40 billion in mortgage bonds a month and said that buying would continue “until substantial further progress has been made” toward broader employment and inflation goals.
Initial unemployment claims rose again to 885,000 when a small decline was expected.
A new antitrust suit was brought against Google by 38 states which alleges the company maintained a monopoly over the internet search market through anticompetitive contracts and conduct.
Tesla soared on the eve of being added to the S&P 500 Index.