Australian S&P/ASX 200 lost 0.46 per cent in early trading. — File pic
As the year draws to a close, markets have been swinging between broader optimism about Covid-19 vaccines and a global economic recovery and concerns about still rising infections. Global stocks hit record highs yesterday, fuelled by growing optimism that deals will be reached over a fresh US stimulus package.
Congressional negotiators in Washington were scrambling on yesterday to agree on details of a US$900 billion Covid-19 aid bill. Lawmakers from both parties said failing to agree was not an option. Earlier Republican Senate Majority Leader Mitch McConnell said talks could spill into the weekend. One bright spot in the economy was credited partly to low-interest rates: The housing market remains resilient, with homebuilding and permits powering ahead in November.The Dow Jones Industrial Average rose 0.5 per cent, the S&P 500 gained 0.6 per cent and the Nasdaq Composite picked up another 0.8 per cent to its third-straight daily record.