The market is trending back up again, though it’s unclear just what might be pushing things in a positive direction. The Dow Jones rebounded up 0.24% to close at 30,409.56. The NASDAQ closed up 0.15% to finish at 12,870.00 and the S&P 500 closed up 0.13% to finish at 3,732.04. On the other hand, STOXX Europe saw a drop today, with stocks falling 0.34% to close at 400.25.
JC Penney is struggling even after hiring a new CEO who was expected to improve their outlook. But it seems that the CEO wasn’t able to manage things the way they had hoped. Instead, the company is getting rid of her as they sell off the company. There will be a new interim CEO going into the new year, after the plan that ex-CEO Soltau attempted failed miserably. The company doesn’t have anymore time to waste or to wait around hoping that her plan will eventually succeed and so the company filed bankruptcy and then managed to sell out to a mall company. A new permanent CEO will be coming soon.
Peloton is one company that’s doing quite well with the pandemic, jumping into the home gym space with no problem and managing to get plenty of people interested in their home workout plans and equipment. But they’re also starting to expand into other areas, which include a music partnership of custom-made tunes. After the company originally faced trouble for using unlicensed music, they’ve apparently decided to change things up again. Overall, they are facing a great year with stock up 500% as we enter into 2021.
20 states are planning to increase their minimum wage going into the new year, with wages increasing to $8.65 an hour in Florida all the way up to $14 per hour in California. Even though the Federal minimum wage hasn’t changed since 2009, there are several states that feel that an increase is necessary and they’re doing what they can to make sure that it takes off.
Oil prices held steady today, finishing the day at $48.30 per barrel, the same price that they had finished at yesterday. Gold saw a slight increase today, closing at $1,895.17 after rising 0.06% over the course of the day. The treasury yield fell slightly coming into the holiday, with the 10 year yield at 0.93 and the 30 year yield coming in at 1.66.