Stocks fell on Monday, and Wall Street rose from last week’s record, with investors worried about fresh political and economic risks and the reappearance of the coronavirus.
Democrats in the U.S. House of Representatives on Monday filed an indictment against President Donald Trump, accusing him of “inciting insurrection” following last week’s deadly invasion of the Capitol.
The Dow Jones industrial average fell 89 points, or 0.29%, to 31,008, the S&P 500 fell 0.66%, and the Nasdaq fell 1.25%.
Boeing (nay) – Get the report fell 1.5 percent after a Boeing 737-500 passenger plane operated by Sriwijaya Air crashed at sea off the Indonesian coast on Saturday after taking off from Jakarta. The plane, a 737-500, was much older than the Boeing 737 MAX, which was grounded in March 2019 after two fatal accidents.
Shares ended on Friday, while investors assessed expectations for a higher economic stimulus, following a lower-than-expected job ratio in the US. The United States lost 140,000 jobs in December, ending a seven-month increase in employment.
For the week, the Dow rose 1.6% – the fourth consecutive weekly blue index gain – the S&P 500 added 1.8%, and the Nasdaq gained 2.4%.
Last week’s gains were fueled by hopes that President-elect Joe Biden will support an economy plagued by the coronavirus pandemic with more fiscal stimulus. Biden said he would present his proposals for additional tax support on Thursday.
Stock market gains have also been driven by optimism about the launch of coronavirus vaccines, even as infections continue to rise and scientists are discovering new variants of the virus.
Chris Larkin, general manager of product trading and investment at E-Trade, said cyclical market areas could benefit from more stimulus and hopes for a faster economic recovery.
“And with the launch of the earnings season with big financial names at the end of the week, we could get a preview of what’s next,” he added.
Large banks such as JPMorgan Chase (JPM) – Get the report, Citigroup (C) – Get the report and Wells Fargo (WFC) – Get the report will issue revenue reports at the end of the week.
Meanwhile, as Trump begins his last full week in office, calls have risen for him to resign after last week’s assault on the Capitol by his supporters.
Republicans have blocked a resolution calling on Vice President Mike Pence to invoke the 25th Amendment and remove him from power, which means the House will have to convene a full vote on Tuesday on the president’s indictment. .
Twitter (TWTR) – Get the report fell 6.4 percent Monday after the social media platform banned Trump outright, citing concerns that Trump’s accounts could be used to incite more violence.
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