Most stocks were up on Wednesday, the last full day of trading before Wall Street announced on Christmas Eve Thursday, with stock exchanges closing at 1pm.
Wednesday’s economic data showed a 0.4% drop in consumer spending in November, the first drop in seven months and a somewhat unexpected drop. On the other hand, claims for unemployment benefits were lower than economists expected, marking 803,000 against the consensus of 860,000.
The shares were sold late in the afternoon after President Donald Trump’s veto on a defense spending bill and the president’s criticisms of the congressionally approved bipartisan pandemic relief package.
The Dow Jones Industrial Average ended the day with an increase of 114 points, or 0.4%, closing at 30,129.
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Fleet XL rises as the SPACs remain warm. XL Fleet Corp. (ticker: XL), which just went public through a reverse merger through a special purpose acquisition company, or SPAC, shot up 86% on Wednesday. The company offers fleet electrification services for vehicle fleets, with the aim of accelerating the transformation of fossil fuel-powered automobiles to electric automobiles.
Buy all Musk ideas in stock? Maybe one day. A Twitter exchange (TWTR) on Wednesday between Tesla CEO (TSLA) Elon Musk and Tesla investor Dave Lee is generating intrigue about what would certainly be one of the most interesting companies of the early 21st century.
“Good idea” Musk tweeted in response to Lee’s proposal to combine all Musk companies – Tesla, SpaceX, Neuralink and The Boring Company – under one large umbrella corporation. It is fascinating to be sure, and investors should never dismiss anything with Musk in charge.