Market Talk – Thursday, Dec. 10

President-elect Joe Biden announced his three-point plan to combat the coronavirus within his first 100 days of office, channeling sentiments from Roosevelt’s presidency. Although he admitted the virus will not disappear after 100 days, he is hoping that new restrictions will curb the spread. Americans will be asked to wear masks for the first 100 days. Health care workers and long-term nursing facilities will receive the first line of vaccinations, while his administration will strive to vaccinate as many people as possible afterward with the goal of reach 100 million people in the first 100 days. Additionally, Biden stated he will aim to reopen schools so that children may resume in-person learning.

Christine Elliott, Ontario’s health minister, stated that residents will receive proof that they have received the coronavirus vaccine. Although the vaccine will not be mandatory, those who choose not to be vaccinated with face restrictions. Elliot said that proof of vaccination is “going to be really important for people to have for travel purposes, perhaps for work purposes, for going to theatres or cinemas or any other places where people will be in closer physical contact when we get through the worst of the pandemic.”

Canadian Premier Jason Kenney announced that Alberta is going back into a partial lockdown. Gyms, bars, and dine-in restaurants have been ordered to shut their doors. Social gatherings have been banned, indoor as well as outdoor, and there is a mandatory work-from-home order in place. Retail businesses and religious places of worship can open at a 15% capacity limit. The restrictions may last until January 12, 2021. 

US Market Closings:

  • Dow declined 69.55 points or -0.23% to 29,999.26
  • S&P 500 declined 4.71 points or -0.13% to 3,668.1
  • Nasdaq advanced 66.86 points or 0.54% to 12,405.81
  • Russell 2000 advanced 20.56 points or 1.08% to 1,922.7

Canada Market Closings:

  • TSX Composite advanced 33.48 points or 0.19% to 17,593.34
  • TSX 60 advanced 1.22 points or 0.12% to 1,049.35
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