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Market Brief – Tuesday 12/22/20

Stocks rose in overnight trading after the long-awaited stimulus bill passed both houses of Congress but were trading slightly lower in early trading. Treasury yields fell in overnight trading and were still lower in early trading as sellers continue to attempt to push yields higher.

Redbook same-store weekly brick-and-mortar retail sales fell -0.9% last week but rose +6.5% from this time last year.

The Conference Board’s consumer confidence survey fell to 88.6 in December from 92.9 as consumer confidence remains slightly above its April lows.

Existing home sales fell -2.5% in November but were up +25.7% from this time last year as the median selling price rose to $310,800.

Stocks closed lower on the day as repeated attempts to buy the dips were met with persistent selling. Treasury yields closed lower on the day as sellers were largely absent in today’s trading.