Holiday-Shortened Week Ends With Stocks Little Changed, Despite D.C. Drama

Published Thursday, December 24, 2020 at: 3:58 PM EST

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An unexpected pocket veto by President Trump could cause a government shutdown and delay adoption of the $900 billion economic stimulus and aid to individuals and businesses that was approved by Congress earlier this week, the bill is almost certain to become effective within weeks, which is why stocks closed the holiday-shortened week little-changed and  a fraction away from its all-time closing high.  

The pocket veto is a shrewd maneuver. An outright veto could be overridden by Congress, but a pocket veto cannot be overridden for 10 days. By then, Congress will be back home, further delaying the $320 billion aid for small businesses.

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Although exactly how the political drama in D.C. will play out remained unclear, the stock market was unfazed. Trading in the Standard & Poor’s 500 stock index, which closed at 1 p.m. for Christmas Eve, gained +0.35% from Wednesday, lost -0.17% from last Friday’s close, and was up a whopping +49.34% from the March 23rd bear market low. At 3,703.06, the index was fractionally off its all-time closing high, reached one week ago. 

Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. It does not take into account your investment objectives, financial or tax situation, or particular needs. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. The material represents an assessment of financial, economic and tax law at a specific point in time and is not a guarantee of future results.

This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.

Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.











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