Market Recap – December 20th
Yesterday, stocks rose as investors ignored the Bank of Japan’s surprise move that caused global bond yields to increase and concerns about a year-end rally not materializing. The Dow Jones Industrial Average increased by 228 points or 0.70%, the S&P 500 rose 0.52%, and the Nasdaq Composite increased by 0.41%.
Looking at specific investments, we’re watching Gilead Sciences and Lucid. Gilead Sciences’ stock fell 2.4% after announcing that its Kite unit would acquire biotech company Tmunity Therapeutics, potentially decreasing its earnings per share by 18-22 cents in 2023. Meanwhile, Lucid’s shares increased by over 3% following the announcement of a capital raise of approximately $1.5 billion through stock sales.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.