Stocks fell on Friday after reports showed the pandemic is deepening the hole for the economy, even as Washington prepares to throw it another lifeline, per the AP. The Dow fell 177 points to 30,814, the S&P 500 fell 27 points to 3,768, and the Nasdaq fell 114 points to 12,998. Treasury yields also dipped as reports showed shoppers held back on spending during the holidays and are feeling less confident, the latest in a litany of discouraging data on the economy. Stocks have run out of steam since the S&P 500 set a record high a week ago amid optimism that COVID-19 vaccines and more stimulus from Washington will bring an economic recovery. The S&P 500 fell more than 1% this week, its first drop in the last three.
Friday offered the first chance for traders to act after President-elect Joe Biden unveiled details of a $1.9 trillion plan to prop up the economy. He called for $1,400 cash payments for most Americans, the extension of temporary benefits for laid-off workers, and a push to get COVID-19 vaccines to more Americans. It certainly fit with investors’ expectation for a big and bold plan, but markets had already rallied powerfully in anticipation of it. “To some extent, most of this optimism had been priced in, but the huge figures had also invited some contemplation as to whether the necessary bipartisan support will materialize for this huge sum,” said Jingyi Pan of IG. “The market appears to be playing it safe."
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