US Stocks Dip on Stimulus Stalemate; Disney Surges
Image Credits:nThe Economic Times
New York, Dec 11 (AFP/APP): Wall Street stocks dipped early Friday on uncertainty about US congressional stimulus talks, while Disney shares surged after it scored huge growth in streaming subscriptions.
Major indices have had a choppy week so far as investors have weighed the snails pace of the Washington stimulus negotiations with soaring Covid-19 case counts and progress on vaccines against the virus. About 20 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 29,874.09. The broad-based S&P 500 shed 0.5 percent to 3,649.55, while the tech-rich Nasdaq Composite Index dropped 0.6 percent to 12,334.74.
The retreat in the United States came as European markets also fell on dwindling hopes for a trade deal between Britain and the European Union in the aftermath of Brexit. Among individual stocks, Disney jumped 8.4 percent after reporting that the company’s year-old streaming TV service Disney+ had passed 86.8 million subscribers, beating its “wildest expectations,” the company’s CEO said. The growth in Disney+ has helped offset weakness in other company businesses during the pandemic, especially theme parks.
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