New York: Wall Street’s main indexes dropped on Friday. The fear grew over fading stimulus and the blow to the economy from increasing coronavirus infections. US stocks are gradually falling with worries about the worsening pandemic. Steven Mnuchin the US Treasury Secretary on Friday defended his decision saying Congress should use the money to help small companies with grants instead.
The decision to end the program deemed essential by the central bank as data shows a rise in jobless claims last week to control coronavirus infections likely unleashed a fresh wave of layoffs. Wall Street has suddenly begun to teeter-totter this week after a big November rally swept both the S&P 500 and Dow to record highs. The government of California and Ohio imposed nightly curfews on Thursday, joining 20 states of the US. The US Senate Democratic leader Chuck Schumer and Republican Majority Leader Mitch McConnell decided to continue coronavirus relief. The investors are juggled between growing optimism over an effective coronavirus vaccine. Major banks have updated their stock market predictions for 2021 after coronavirus vaccine trials. Apparel and home fashion retailer Ross Stores Inc gained 2% after its quarterly sales topped expectations.
Declining issues matched advancing ones on the NYSE, and on the Nasdaq a 0.7-to-1 ratio favored decliners. The S&P 500 posted nine new 52-week highs and no new lows, while the Nasdaq Composite recorded 65 new highs and four new lows.
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