The US stock market closed mixed on Friday as investors monitored the latest developments in the economic stimulus package negotiations and the developments around the approval of the covid-19 vaccine.
Global Markets Major News
The country’s Food and Drug Administration (FDA) also allowed the emergency use authorization (EUA) to the coronavirus vaccine developed by Pfizer Inc. with its German partner BioNTech SE.
Although not approval, the EUA paves the way for shipments of the vaccine to be distributed across the country with vaccinations expected to start mid-December.
Tesla S&P Inclusion
The S&P Dow Jones Indices has announced that Tesla Inc. will replace Apartment Investment & Management Co. when it enters the S&P 500 Index on 21st December.
Tesla, with its $555 billion market capitalization will be classified as “Consumer Discretionary,” S&P and it will take Occidental Petroleum’s spot in its S&P 100 Index.
Tesla Share Price Performance as of 11th Dec 2020
| 1 Week | +1.84% |
|---|---|
| 1 Month | +48.05% |
| 3 Months | +63.60% |
| YTD | +629.19% |
| 1 Year | +748.24% |
| 3 Years | +794.25% |
| 5 Years | +1305.46% |
PayPal Fintech startup raises $103M for open banking
PayPal backed by Swedish fintech start-up Tink has raised €85 million that it plans to use in order to double down on increasing its community of banks and cost products and services in Europe.
The new funding increases its valuation up to €680 million ($827 million) according to CNBC.
Tink’s software allows banks and fintech firms to access banking data in order to create new products. The startup already hyperlinks up 3,400 banks in Europe.
