Daily Market Color December 28, 2020Stimulus Deal Pushes Major Equity Indices to Record Highs Equities rose to record highs as markets cheer stimulus bill President Trump signed the bill into law on Sunday, helping all three major equity indices close at record highs. The Nasdaq and DJIA both rose 0.7% while the S&P 500 gained 0.9%. Treasury yields and swap rates initially rose but then rallied into the close – the 10-year UST ending the day flat at 0.92%. President Trump signs $900 billion stimulus bill The bill extends a variety of measures including unemployment benefits, providing $82 billion for education, adding $285 billion to the PPP program, and allocating $70 billion for virus vaccine distribution. President Trump also asked Congress to vote on an increase of stimulus payments from $600 to $2,000. Bitcoin hit a new all-time high of $28,422 over the weekend While it remains a fringe asset, the cryptocurrency has begun to garner institutional support- advancing 270% in 2020 alone. Key events happening this week US pending home sales index, international goods trade balance data, and initial jobless claims will be published later this week. Markets will close early at 2:00 pm EST on Thursday and be closed on Friday in observance of New Year’s Day.