Investing

Stocks gave up early gains to end slightly lower Thursday as investors awaited the rollout of President-elect Joe Biden's plan for another large-scale round of federal spending to tide over an economy suffering from a renewed surge in COVID-19 cases. The Dow Jones Industrial Average finished with a loss of around 69 points, or 0.2%, near 30,992, according to preliminary figures, while the S&P 500 gave up 14 points, or 0.4%, ending near 3,796. The Nasdaq Composite closed near 13,113, off around 16 points, or 0.1%. Biden is expected Thursday evening to unveil a spending plan that could approach $2 trillion, according to news reports, including another round of checks directly to households. Ahead of Thursday's opening bell, data showed a larger-than-expected jump in first-time jobless claims.

Zoom Video Communications Inc. announced late Tuesday that it has priced its 5.1 million-plus-share secondary offering at $340 a share, roughly a 5% discount on the stock's trading range Tuesday. It anticipates gross proceeds of $1.75 billion from the offering, which is anticipated to close on or about Friday, Jan. 15. J.P. Morgan is the sole book-running manager for the offering and has been granted a 30-day option to purchase up to an additional 735,000-plus shares. Zoom shares, widely considered a prime beneficiary of the work- and learn-from-home response to the coronavirus pandemic, have surged nearly 390% in the past year.

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The gloom surrounding the health and indebtedness of U.S. corporations, resulting from the coronavirus pandemic's hit to the economy, is set to reverse next year if credit ratings agencies prove correct.

The deal would be Kushner Cos.’ first capital raise on the Israeli bond market, as well as the largest unsecured capital raise by the family-controlled business that owns billions of dollars worth of apartments, office buildings and other commercial property in the U.S.

Shares advanced in Asia on Tuesday as the coming changing of the guard in the U.S. raised hopes for more support for the economy and more aggressive measures to fight the pandemic.

Shares fell Monday across most of Asia following a retreat on Wall Street, but benchmarks in Hong Kong and Shanghai rose after data showed the Chinese economy grew a solid 2.3% in 2020.

Janet Yellen, President-elect Joe Biden's pick for Treasury secretary, said the smartest thing to do is to 'act big' to help struggling Americans