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Market Brief – Thursday 12/31/20

Stocks and Treasury yields were quiet in overnight trading as the world starts moving into the new year. Stocks and Treasury yields were down slightly in early trading.

Initial jobless claims beat expectations as +787k Americans filed for unemployment benefits last week. Total unemployment claims, including all forms of pandemic unemployment assistance, fell -799.8k to 19.564 million.

Stocks were panic bid in the last two hours of trading as investors appeared desperate to buy stocks at the highest market-cap-to-GDP level in history. Treasury yields closed slightly lower on the day.