The New York Times - USA (2020-12-02)

B2 N THE NEW YORK TIMES BUSINESSWEDNESDAY, DECEMBER 2, 2020

Months

36 2510 30

Years

220

240

260

’16 ’18 ’20

400

600

800

1000 thousand

’16 ’18 ’20

80

100

120

’16 ’18 ’20

0

5

10%

’16 ’18 ’20

0

2

4

6

8

$10 a bushel

’12 ’14 ’16 ’18 ’20

0

50

$100 a barrel

’12 ’14 ’16 ’18 ’20

0

1

2

3

4

5

6%

’10 ’15 ’20

90

100

110

120

’15 ’16 ’17 ’18 ’19 ’20

1.0

1.1

$1.2

’15 ’16 ’17 ’18 ’19 ’20

0

1

2

3%

0

1

2

3%

’19 ’20

+2.0

+1.5

+1.0

+0.5

0.0

–0.5

+2.5

Communication services %

Financials

Information technology

Real estate

Materials

Consumer discretionary

Consumer staples

Health care

Utilities

Energy

Industrials

+2.0

+1.6

+1.4

+1.3

+1.0

+1.0

+0.9

+0.8

+0.7

+0.4

–0.2

1. Lord Abbett Short Duration Income F(LDLFX) +2.6% +3.0% $23.2


2. BlackRock Strategic Income Opps Instl(BSIIX) +7.2 +4.1 22.8


3. BlackRock High Yield Bond Instl(BHYIX) +6.1 +6.9 12.1
   4 .Fidelity Capital & Income(FAGIX) +10. 2 +7.8 12.0


4. American Funds American High-Inc A(AHITX) +7.5 +6.7 10.0
   6 .PIMCO Short-Term Instl(PTSHX) +2.7 +2.4 9.9
   7. American Funds Interm Bd Fd of Amer A(AIBAX) +7.2 +2.8 9.9


5. PIMCO High Yield Instl(PHIYX) +5.7 +6.6 9.7


6. PGIM High Yield Z(PHYZX) +6.0 +7.6 9.3


7. FPA New Income(FPNIX ) +2.3 +2.6 9.0

1.Apple Inc (A APL) $122.72 +3.1% 127.7

2.General Electr (GE) 10.15 –0.3 86.7

3. American Airl (AAL) 14.27 +1.0 75.8


4. Pfizer Inc (PFE) 39.41 +2.9 72.5


5. Ford Motor Co (F) 9.24 +1.8 68.9


6. Advanced Micr (AMD) 92.63 –.0 58.5


7. Intel Corp (INTC) 49.56 +2.5 57.8


8. Bank of Ameri (BAC) 28.69 +1.9 50.2
   9.Carnival Corp (CCL) 20.15 +0.9 47.9


9. AT&T Inc (T) 28.87 +0.4 42.1


10. IHS Markit L (INFO) $93.60 –5.9%
    2.S&P Global I (SPGI) 334.32 –5.0


11. Apache Corp (APA) 12.37 –4.0


12. Occidental Pe (OXY) 15.13 –4.0


13. ETSY Inc (ETSY) 154.67 –3.8


14. Lennar Corp (LEN) 73.23 –3.5
    7.R o c k w e l l A u t o ( R O K ) 24 6. 9 6 – 3. 4


15. D.R. Horton I (DHI) 72.09 –3.2


16. Deere & Co (DE) 255.13 –2.5


17. Pultegroup In (PHM) 42.66 –2.2

1. Lincoln Natio (LNC) $49.90 +5.7%

2.FLIR Systems (FLIR) 40.37 +5.6

3 .Western Digit (WDC) 47.27 +5.3

4. Discover Fina (DFS) 80.15 +5.2
   5 .Cincinnati F (CINF) 80.00 +4.8
   6 .Capital One F (COF) 89.70 +4.7
   7.M i c r o n Te c h n o l ( M U ) 6 7. 0 8 + 4 .7


5. Fox Corp (FOXA) 29.70 +4.7
   9.Fox Corp (FOXA) 30.14 +4.5


6. Teradyne Inc (TER) 115.12 +4.3

+ 5%

0%

• 5%

–10%

3,100

3,200

3,300

3,400

3,500

3,600

3,700

Sept. Oct. Nov.

+ 5%

0%

• 5%

–10%

10,500

11,000

11,500

12,000

12,500

Sept. Oct. Nov.

+ 5%

0%

• 5%

–10%

25,000

26,000

27,000

28,000

29,000

30,000

Sept. Oct. Nov.

3662.45 1.1% 12355.11 1.3% 29823.92 0.6%

Shanghai +1.8%

Tok yo +1.3%

Frankfurt +0.7%

London +1.9%

Toronto + 0.6%

New York +1.1%

$1 = 104.32

$1.2068 Unemployment Rate

New-home sales

Consumer confidence

Industrial production

Specialty and short-term bonds

S&P 500 Nasdaq Composite Index Dow Jones industrials

Best performers Worst performers Most active

Sector performance

Bonds

Yield curve

Key rates

Borrowing rate

Crude oil

Corn

Savings rate

yen

10-year Treas.

YESTERDAY

1-YE AR AGO

2-year Treas.

Fed Funds

Currencies Consumer rates Commodities Economy

How stock markets fared yesterday in Asia ... ... in Europe ... and in the Americas.

CLOSE

S&P 500 SECTORS

CLOSE CLOSE 1 YR 5 YRS

TOTAL RETURNASSETSTOTAL

CHANGE CHANGE CHANGE IN MIL. IN BIL.

VOLUME

POWERED BY

What Happened in Stock Markets Yesterday

What Is Happening in Other Markets and the Economy

Major stock market indexes

6 p.m. E.T. 8 10 12 a.m. 2 4 6 a.m. 8 10 12 p.m. 2 4 6 p.m.

Maturity

1-year CDs

30-year fixed mortgages

S&P 500 COMPANIES S&P 500 COMPANIES S&P 500 COMPANIES

Source: Morningstar

1 euro =

The Digest

Wall Street kicked off December

with more milestones on Tuesday

after a broad rally for stocks

pushed the S&P 500 and Nasdaq

composite to new highs.

The S&P 500 gained 1.1 percent,

with Big Tech companies and

banks driving a big part of the

rally. The strong opening to De-

cember follows a 10.8 percent

surge for the broad index in No-

vember, its best month since

April. The tech-heavy Nasdaq

climbed 1.3 percent. Both indexes

beat the record highs they set on

Friday. Treasury yields also rose

in another sign of optimism from

investors.

Stocks have been ramping

higher in recent weeks as invest-

ors focus on the possibility that co-

ronavirus vaccines could soon

help usher in a fuller global eco-

nomic recovery. Meanwhile, law-

makers in Washington are debat-

ing once more whether to deliver

another round of coronavirus re-

lief to the economy before Presi-

dent Trump leaves office.

The S&P 500 rose 40.82 points

to 3,662.45. The Dow Jones indus-

trial average gained 185.28 points,

or 0.6 percent, to 29,823.92. The

Nasdaq climbed 156.37 points to

12,355.11. Small company stocks

also added to their recent gains.

The Russell 2000 index picked up

16.23 points, or 0.9 percent, to

1,836.05.

While the economic recovery

has been stunted by a resurgence

of the virus, investors are looking

past much of that because of good

progress on vaccine development.

Several pharmaceutical compa-

nies have reported encouraging

data recently suggesting their

vaccine candidates are highly ef-

fective, raising hopes on Wall

Street that the economy will begin

to turn around next year as the

vaccines are distributed to a world

beaten down by the Covid-19 pan-

demic.

The Organization for Economic

Cooperation and Development

said in a report that the world

economy will bounce back to its

pre-pandemic levels by the end of

next year, though the recovery

will be uneven across the coun-

tries and many risks remain.

European regulators could ap-

prove a coronavirus vaccine de-

veloped by the drugmakers Pfizer

and BioNTech within four weeks.

The companies have already

asked for approval to begin vacci-

nations in the United States in De-

cember. Moderna is also asking

U.S. and European regulators to

allow emergency use of its

Covid-19 vaccine.

Traders are also holding out

hope that Democrats and Republi-

cans may reach a deal on some

amount of economic stimulus for

the economy before 2021, but the

parties remain divided on the de-

tails and the cost.

Unemployment remains high

as the Covid-19 outbreak widens

the gulf between average people

and the wealthiest Americans.

Roughly 76 percent of the com-

panies in the S&P 500 rose Tues-

day, as did every sector in the in-

dex, except for industrials. Tech-

nology stocks led the way higher,

with the Big Tech companies

notching gains. Apple rose 3.1 per-

cent and Microsoft gained 1 per-

cent. Facebook climbed 3.5 per-

cent, while Netflix added 2.8 per-

cent. Google’s parent, Alphabet,

rose 2.3 percent and Amazon

gained 1.6 percent.

Banks, health care stocks and

companies that rely on direct con-

sumer spending also helped drive

the market higher. JP Morgan

Chase gained 1.6 percent and Pfi-

zer rose 2.9 percent.

Early in Wall Street’s recovery

this spring, it was Big Tech that al-

most singlehandedly carried the

market higher on expectations

that work-from-home and other

trends would mean bigger profits

for them. But hopes for a vaccine

and return to economic normalcy

have been helping boost stocks of

companies whose profits are more

closely tied to the economy’s

strength.

The yield on the 10-year Treas-

ury rose to 0.92 percent from 0.84

percent late Monday, a big move.

The higher yields are also helped

bolster banks, which rely on

higher bond yields to charge more

lucrative interest on loans.

Investors Start the Month on a High Note

By The Associated Press

The S& P 500 Index

Position of the S& P 500 index at 1-minute intervals on Tuesday.

Source: Reuters THE NEW YORK TIMES

3,620

3,680

3,640

3,660

10 a.m. Noon 2 p.m. 4 p.m.

Previous close

3,621.63

Source: Commerce

Department THE NEW YORK TIMES

’19 ’20

Construction Spending

Total construction spending at a

seasonally adjusted annual rate.

AUG.

+2.0%

SEPT.

–0.5%

OCT.

+1.3%

1.26

$1.46 trillion

1.42

1.38

1.30

1.34

STOCKS & BONDS

10-YEAR TREASURY YIELD

0.92%

+0.08 points

CRUDE OIL (U.S.)

$44.55

–$0.79

S&P 500 INDEX

+1.13%

3,662.45

DOW JONES INDUSTRIALS

+0.63%

29,823. 92

NASDAQ COMPOSITE INDEX

+1.28%

12,355.11

GOLD (N.Y.)

$1,814.10

+$38.40

RETAIL

Kohl’s to Host Sephora

As Malls Lose Power

Kohl’s, the affordable apparel
chain, will install Sephora cosmet-
ics shops in its stores beginning in
the fall of 2021, the companies said
on Tuesday, the latest sign of retail
power shifting away from malls
and department stores.
The announcement came after
Target said it would host Ulta
shops, which sell beauty products,
within its stores next year. And it
followed the bankruptcy this year

of J.C. Penney, which has hosted

hundreds of Sephora shops inside

its department stores for more

than a decade. Sephora, which

reached a settlement with J.C.

Penney over the shops earlier this

year, said that partnership was

scheduled to wind down in early

2023.

Kohl’s, which has 1,150 stores,

plans to open 200 “Sephora at

Kohl’s” locations next fall and op-

erate more than 850 of the shops

by 2023. The Sephora shops are

designed to be 2,500-square-foot

spaces located at the front of

Kohl’s stores. SAPNA MAHESHWARI

LODGING

Airbnb Seeks Valuation

Of Nearly $35 Billion

Airbnb is trying to ride the soar-
ing stock market to a comeback.
The home rental start-up said
on Tuesday that it intended to sell
shares at between $44 and $50
each in its initial public offering,
valuing it as high as nearly $35 bil-
lion.
The company said it planned to
raise as much as $2.75 billion from
the offering, according to a pro-
spectus filed with the Securities
and Exchange Commission. Its

three founders also plan to sell

stock that may be valued at as

much as $95 million.

Such a sale would return

Airbnb’s valuation to where it was

before the pandemic battered its

business. At the beginning of the

year, investors had valued the

company at $31 billion. But in the

spring, with travel halted and can-

cellations pouring in, Airbnb

raised emergency funding valu-

ing it at $18 billion.

Even though Airbnb’s revenue

shrank in the first nine months of

the year compared to the same pe-

riod last year, bookings in the

most recent three-month period

recovered. ERIN GRIFFITH

LEGAL

Proscutor Fired by Trump

Joins a Top Law Firm

Geoffrey S. Berman, right, the for-
mer U.S. attorney for the South-
ern District of New York who was
fired by President Trump in June,
has joined the law firm of Fried,
Frank, Harris, Shriver & Jacob-
son, the firm said on Tuesday.
Mr. Berman, 61, will head Fried
Frank’s white collar defense, reg-
ulatory enforcement and investi-
gations practice, the firm said.
Mr. Berman, who led the pros-
ecutor’s office while it was con-
ducting highly sensitive corrup-
tion investigations of people in Mr.
Trump’s orbit, was dismissed on
June 20 after the attorney general,
William P. Barr, unsuccessfully
tried to get him to step down.
During his two and a half years

as U.S. attorney, Mr. Berman also

oversaw a number of high-profile

prosecutions: including the sex-

trafficking charges against Jeff-

rey Epstein and a securities fraud

conspiracy case against the for-

mer Republican congressman

Chris Collins of New York.

BENJAMIN WEISER

JUSTIN LANE/EPA, VIA SHUTTERSTOCK