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www.reuters.com
Wall Street drops as stimulus delay weighs
Wall Street's main indexes slipped on Friday, heading for weekly losses as doubts over more economic stimulus dented sentiment, while data showing improved consumer sentiment kept losses in check.
Economy
(Reuters) - Wall Street’s main indexes slipped on Friday, heading for weekly losses as doubts over more economic stimulus dented sentiment, while data showing improved consumer sentiment kept losses in check.
Nine of the 11 major S&P indexes were down in morning trading, with energy and financials among the biggest decliners on profit taking in economically sensitive sectors, that have risen sharply recently on COVID-19 vaccine optimism.
With daily coronavirus death tolls at alarming levels, fresh business restrictions in many U.S. states and increasing layoffs, investors are counting on more fiscal relief to sustain a nascent economic recovery as most government aid has dried up.
However, alternating headlines on progress toward a stimulus deal have kept investors on edge, after optimism over a working vaccine pushed Wall Street’s main indexes to record highs this week.
House Speaker Nancy Pelosi on Thursday raised the possibility of stimulus negotiations dragging on through Christmas.
“Investors are wondering what is it that Congress needs to hear before they decide to act ... their focus is more on politics than it is on the American economy,” said CFRA Chief Investment Strategist Sam Stovall.
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