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Stocks mixed amid stimulus stalemate, tech rally (nationthailand.com)

Stocks mixed amid stimulus stalemate, tech rally

EconDec 11. 2020

By Syndication Washington Post, Bloomberg · Rita Nazareth, Kamaron Leach

Stocks were mixed as traders assessed prospects for fresh stimulus amid the most-intense negotiations since Election Day.

The S&P 500 came off session lows, but closed down for a second day. The Nasdaq 100 climbed while the Dow Jones industrial average underperformed. Airbnb Inc. more than doubled in its trading debut. Treasuries gained after a strong 30-year bond auction dispelled concerns that this week’s debt sales could prove too large to be palatable for investors. The pound slid as U.K. Prime Minister Boris Johnson warned Britain should prepare to leave the European Union’s single market without a trade deal.

The fate of an additional relief package remains unresolved as Democrats and Republicans continue to negotiate. If a deal isn’t reached by the end of 2020, millions of Americans could start the new year with lapsed unemployment benefits. A bipartisan group of lawmakers agreed on a needs-based formula to distribute their proposed state and local aid, according to an aide to one of the senators. But negotiations continue to be bogged down by differences over shielding employers from liability for covid-19 infections. Earlier Thursday, Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi, D-Calif., cited progress toward an agreement.

“We’re just kind of waiting on a deal,” said Keith Gangl, a portfolio manager of Gradient Investments. “I wouldn’t expect the market to do a whole lot one way or the other going into year-end from here,” he noted, “especially if the stimulus package keeps getting pushed out.”

Elsewhere, the euro rose after policymakers escalated their efforts to shield the region from a possible double-dip recession with another burst of monetary stimulus, while cautioning that it may not use up all the new firepower.

These are some of the main moves in markets:

Stocks

– The S&P 500 fell 0.1% as of 4 p.m. EST.

– The Stoxx Europe 600 Index dipped 0.4%.

– The MSCI Asia Pacific Index lost 0.2%.

Currencies

– The Bloomberg Dollar Spot Index fell 0.1%.

– The euro rose 0.4% to $1.213.

– The British pound decreased 0.8% to $1.3287.

– The Japanese yen was little changed at 104.25 per dollar.

Bonds

– The yield on 10-year Treasuries decreased two basis points to 0.92%.

– Germany’s 10-year yield rose less than one basis point to -0.60%.

– Britain’s 10-year yield dipped six basis points to 0.201%.

Commodities

– West Texas Intermediate crude jumped 2.9% to $46.86 a barrel.

– Gold fell 0.3% to $1,834.80 an ounce.