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Dow Cuts Losses as 1-Week Funding Bill Keeps Stimulus Hopes Alive

Stock MarketsDec 11, 2020 03:20PM ET
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By Yasin Ebrahim

Investing.com – The Dow cut its losses on Friday, as slim hopes for a stimulus deal before year-end were kept alive after the Senate passed a one-week spending bill, buying more time to break the stalemate on Capitol Hill.   

The Dow Jones Industrial Average rose 0.12%, or 34 points. The S&P 500 was down 0.12%, while the Nasdaq Composite slipped 0.28%.

The Senate passed a one-week stopgap government funding package Friday, to keep the government funded unitl through Dec. 18, allowing more time to negotiate a full-year spending package and a further stimulus relief program. 

The bill was passed by 84-13 votes in the Senate and by 335-78 votes in the House earlier this week - a large enough majority (over two-thirds) to overturn a possible veto from President Trump. 

But efforts to break the deadlock in stimulus talks have suffered a setback after Senator Majority Leader Mitch McConnell signaled that Republicans would be unwilling to back some parts of the $908 billion bipartisan stimulus package, including the $160 billion support for local and state governments.

Still, there remains a sliver of hope as lawmakers bought more time to negotiate after the Senate passed a one-week government funding extension Friday.

The need for further stimulus to prop-up the U.S. economy has been exacerbated by a surge in the spread of Covid-19 that has forced parts of the country to impose fresh restrictions.

New York Gov. Andrew Cuomo said that indoor dining in New York City will close from Monday, marking a blow to restaurant operators in the city less than two months after they resumed activity.

But the prospect of a vaccine rollout as soon as Monday has helped to support expectations that there is finally light end of the pandemic tunnel.

The Food and Drug Administration on Friday pledged to move quickly toward grating emergency use authorization for the Pfizer-and-BioNTech COVID-19 vaccine.

Health and Human Services chief Alex Azar said he expects the vaccine to be available in the U.S. by Monday.

Energy stocks were among the biggest decliners as investors appear to take profit following a strong week of gains for the sector amid bets on a vaccine-led rebound in crude demand.

Financials also continued to the broader market malaise, down more than 1%, paced by a 2% decline in Capital One (NYSE:COF) and Citigroup (NYSE:C).

Mastercard (NYSE:MA), meanwhile, fell more than 1% after losing in its appeal to U.K. Supreme Court against an $18.5 billion class-action lawsuit that alleges the company overcharged more than 46 million customers.

In tech, chip stocks were down more than 1% led by weakness in Qualcomm, and Broadcom (NASDAQ:AVGO), despite the latter delivering quarterly results that topped estimates.

Qualcomm (NASDAQ:QCOM) slipped more than 8% on fears about a loss business from Apple (NASDAQ:AAPL) after Bloomberg reported that Apple is starting to make its own cellular modem to be used in future devices.

In other news, Walt Disney (NYSE:DIS) jumped 13% after upgrading its forecast on paid subscribers for its direct-to-consumer services to a range of 300 million to 350 million by 2024. The rosier outlook comes after the company said its paid subscribers had reached 137 million, topping its previous guidance.

Dow Cuts Losses as 1-Week Funding Bill Keeps Stimulus Hopes Alive
 

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Comments (8)
Thom Miller
Thom Miller Dec 11, 2020 3:58PM ET
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Fox News: “White House Chief of Staff Mark Meadows on Friday told Stephen Hahn, the commissioner of the Food and Drug Administration, to submit his resignation if the agency does not clear the nation’s first coronavirus vaccine by day’s end, according to people familiar with the situation.” Welcome to the US Fascism of America, boys and girls. Especially odd because neither Trump nor Meadows thinks there’s a lethal virus, so why is a vaccine needed at all?
Dave Frenk
Dave Frenk Dec 11, 2020 3:58PM ET
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Cause its not lethal to 99.9% of those who get it
Amine Fourali
Amine Fourali Dec 11, 2020 3:56PM ET
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don't you know pump it up
Luis Angulo
Luis Angulo Dec 11, 2020 3:21PM ET
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The end of free market and capitalism!!! Lets Print Money and be rich. The begin of Socialism in USA
Amine Fourali
Amine Fourali Dec 11, 2020 3:21PM ET
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The decline of the US empire
Jeffrey Cooper
Jeffrey Cooper Dec 11, 2020 3:21PM ET
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what do you know about Socialism?
Дмитрий Сильвестров
Дмитрий Сильвестров Dec 11, 2020 3:21PM ET
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Jeffrey Cooper that is ugly
James Bell
James Bell Dec 11, 2020 3:20PM ET
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vaccine approval is coming soon so no need for further stimulus. if uncle Joe gets his way with tax increases get ready for some real losses!
Rul Buz
Rul Buz Dec 11, 2020 2:51PM ET
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This is getting really boring this stimulus *****is annoying...
Radu Urjan
Radu Urjan Dec 11, 2020 2:22PM ET
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FREE MARKET!
Whaling Trawler
Whaling Trawler Dec 11, 2020 2:16PM ET
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People need Jesus in their lives and not chemicals or money.
dog log
dog log Dec 11, 2020 2:16PM ET
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Jesus was the first weeb/cosplayer to walk this planet.
andy matalobos
andy matalobos Dec 11, 2020 2:09PM ET
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Because of Ms. Lindsay Graham, Moscow Mitch,Wannabe look like Castro,Lying Ted and the rest of the corrupted scared spineless Republican Senators, many supporters and members of the Republican Party like myself we are abandoning and leaving this toxic party by the hundreds of thousands, if they don't change the leadership and course of the party they will never win another election.
Ben gunnell
Ben gunnell Dec 11, 2020 2:09PM ET
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Get a life.
Elvis Durant
Elvis Durant Dec 11, 2020 2:09PM ET
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He saying the truth! problem is that DEMOCRATS aint NO better. serious headaches ahead with these 2 lame duck Parties!
 
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