Chinese Telecom Stocks Rally, But Dow Remains Flat Ahead Of Georgia Senate Run-Offs
- Date: 05-Jan-2021
- Source: Forbes
- Sector:Financial Markets
- Country:Middle East
Chinese Telecom Stocks Rally, But Dow Remains Flat Ahead Of Georgia Senate Run-Offs
Topline
Despite a welcome development for U.S.-listed Chinese telecom stocks, the broader market is adding on to Monday losses as all eyes remain on the Georgia Senate runoffs that should provide investors much-needed clarity on the political landscape for the next two years.
President-elect Joe Biden (R) rallies with Democratic candidate for the U.S. Senate Jon Ossoff the ... [+] day before the Georgia runoff election.
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Key Facts
Shortly after the market open, the S&P 500 and Dow Jones Industrial Average were each down about 0.1%, or 4 points for the former and 33 points for the latter, while the tech-heavy Nasdaq was virtually flat.
Cruise-line stocks, which have been buoyed in recent weeks thanks to vaccine optimism and the prospects of a split Congress, led losses in the S&P Tuesday, with Norwegian and Carnival dropping about 2% each.
Shares of China Mobile, China Telecom. and China Unicom shot up 11%, 10% and 15% Tuesday–recouping nearly all of their past week's losses–after the NYSE said it was dropping plans to delist the