Stocks on Thursday rose and fell as investors waited for details on President Joe Biden’s COVID-19 relief package.
The Dow Jones Industrial Average entered the red last hour of trading and dropped nearly 69 points, or 0.22%, to 30,991, touching the record between 31,223.
The S&P 500 fell 0.38% Nasdaq, which hit an intraday record of 13,220, gave up and lost 0.12%.
The tech sector has a tough day with Apple. (AAPL– Receive a report, Amazon (AMZN̵1; Receive a report And Facebook (FB– Receive a report All over
The Labor Department reported that the number of jobless claims rose to near 1 million last week as the coronavirus outbreak continued to urge companies to lay off workers.
The number of Americans filing their first jobless claims last week rose to 965,000, the biggest increase since March.
“At one point, the number of tasks was as difficult as we saw (Thursday) can be a tinder for those calling for a fix. But the market perspective looks like the light at the end of the tunnel is still in sight despite the vaccination being launched, ”said Mike Loewengart, managing director of investment strategy at E-Trade.
In addition, false-than-expected employment reports mean the possibility of a full-scale stimulus package.
Biden’s adviser recently told partners in Congress that it expected a relief package price tag of about $ 2 trillion, CNN reported, citing two people briefing on the hearings.
Biden is expected to announce relief plans for the coronavirus on Thursday evening.
The proposal is expected to include large direct payments to American families and major state and local funding, including coronavirus vaccination, according to the report.
The benchmark 10-year Treasury yield rose to 1.092 percent on Thursday, nearing its recent 10-month high.The yields rose on expectations that Biden’s administration would spur further government spending. Trillions to the country’s growing debt and annual budget deficits.
Federal Reserve Chairman Jerome Powell in a discussion backed by Princeton University said on Thursday the central bank would “Tell the world” in advance When asset purchases have begun to cut more recently, Taper talk is coupled with more talks about relief spending.
“We know we have to be careful in communicating about purchasing assets,” he said. I think that’s another lesson in the global financial crisis: Be careful not to get out too quickly. ”
Shares were finished Wednesday, shortly before the House voted to impeach President Donald Trump for inciting an uprising.
It is the second time Trump has been indicted during his administration and comes just a week before he retires.
Council voted 232 to 197 to impeach Trump. Ten Republicans join Democrats in a vote to impeach the president.
It is not clear when the Senate will hold the hearing, although Majority Leader Mitch McConnell told Republican colleagues in a letter on Wednesday that it would not take action until Trump’s term was over. January 20 and Biden takes office.
Delta Air Lines (from– Receive a report Post a wider-than-expected fourth-quarter loss. But the industry is expected to recover this year as vaccine launches accelerate and international travel restrictions will be lifted by the spring.