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Wall Street Close: Disney melt-up keeps Dow above 30K

  • The Dow was supported by a melt-up in Disney’s share price, but the S&P 500 and Nasdaq Composite indices both fell on Friday.
  • A lack of progress in both US fiscal stimulus and Brexit discussion is being cited as weighing on sentiment.

The S&P 500 and Nasdaq Composite Indices both closed Friday’s session with losses of 0.13% and 0.33%, though both had recovered from worst levels sub-3640 and sub-12250 respectively to trade back into the 3660s and upper 12300s respectively. Meanwhile, the Dow Jones Industrial Average closed with gains of just over 0.3% and held onto the 30K level amid a melt-up in Disney’s share price that saw DIS shares gain over 13.5%. The company announced that it had already amassed 86M subscribers, meaning that, only one year after launching, the service has already almost hit the company’s five-year subscriber target.

Stocks lifted from lows as Senate pushes government shutdown back at-least one week

Stocks were given a boost midway through the session on the news that the Senate had voted in favour of a one-week stopgap funding package that will keep the government funded until 18 December, a move designed to give Congress more time to negotiate the next full year's spending package and additional Covid-19 aid.

But there have been no signs yet that a deal on further Covid-19 aid is close; Republican Senate Majority Leader Mitch McConnell signalled on Thursday that he opposed the $908B bipartisan coronavirus aid package in its current form given the $160B it contained in aid for states and city governments. Meanwhile, his proposal to the Democrats to pass a bill that excludes the contentious area on which they cannot yet agree (basically aid for states and city governments and business liability protections), a proposal that has been rejected by Senate Democrat Leaders Chuck Schumer and Nancy Pelosi.

S&P 500 Key levels

Overview
Today last price3658.5
Today Daily Change-8.00
Today Daily Change %-0.22
Today daily open3666.5
 
Trends
Daily SMA203633.29
Daily SMA503520.62
Daily SMA1003442.86
Daily SMA2003175.02
 
Levels
Previous Daily High3682.25
Previous Daily Low3645.25
Previous Weekly High3694.5
Previous Weekly Low3595.25
Previous Monthly High3674.5
Previous Monthly Low3277.25
Daily Fibonacci 38.2%3659.38
Daily Fibonacci 61.8%3668.12
Daily Pivot Point S13647.08
Daily Pivot Point S23627.67
Daily Pivot Point S33610.08
Daily Pivot Point R13684.08
Daily Pivot Point R23701.67
Daily Pivot Point R33721.08

Author

Joel Frank

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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