What we’re reading (12/24)
Merry Christmas Eve!
“Stocks Pare Gains; What The Santa Claus Rally Says About The Stock Market” (Investor’s Business Daily). “The Russell 2000 jumped to a 0.9% lead in Thursday's early market but reversed lower and was off 0.4% at midday. The small-cap benchmark is still up about 10% this month, adding to a record 18% surge in November. For the year, the Russell 2000 is up nearly 20%, beating the S&P 500's 14.3% increase. The Nasdaq composite and S&P 500 had only a sliver of a gain left, trading less than 0.1% higher at midday. The Dow Jones Industrial Average was flat.”
“Britain And E.U. Reach Landmark Deal On Brexit” (New York Times). “Britain and the European Union struck a hard-fought trade agreement on Thursday, settling a bitter divorce that stretched over more than four years and setting the terms for a post-Brexit future as close neighbors living apart. The deal, which must be ratified by the British and European Parliaments, came together in Brussels after 11 months of grinding negotiations, culminating in a last-minute haggle over fishing rights that stretched into Christmas Eve, just a week before a year-end deadline.”
“Stocks Ready To Close Out Powerful 2020 As Risks Loom In January” (CNBC). “At the close of trading next Thursday, the bull market will be ready to run into 2021 but probably at a slower pace. January is the month that Wall Street tradition says sets the tone for the year—‘so goes January, so goes the year,’ as the saynig goes. This January could be challenging, with the spreading pandemic slowing the economy and the important Georgia Senate run off elections on Jan. 5.”
“States Are Doing Battle For Your Tax Dollars” (Dealbreaker). “If you've seen The Sopranos, you know it's not feasible to ‘tax’ someone outside of your jurisdiction. With work-from-home becoming a reality in 2020 (and states desperate for tax revenue) a fight is brewing in the Supreme Court over which state has the right to tax remote workers' pay.”
“Covid-19 Stimulus Package Delivers A Christmas Haul For Loggers” (Wall Street Journal). “[T]ucked inside the new $900 billion coronavirus relief package passed by Congress, but facing an uncertain fate with President Trump, is $200 million in aid for the loggers and the trucking companies that transport their wares to paper mills and other processing facilities. The reason: an only-in-Washington tale of the importance of lobbying and political connections.”
