NEW YORK, Jan 25 Reuters Major U.S. averages on Monday closed off their best levels of the day, although the SP and Nasdaq still finished at record levels, as concerns over the timing and scope of fiscal stimulus dented optimism at the start of a week of earning reports from megacap companies.
Investors turned their focus to the U.S. Senate, which is aiming to pass COVID19 relief legislation before former President Donald Trumps impeachment trial begins in early February. Stocks moved lower after Democratic Majority Leader Chuck Schumer cautioned a stimulus bill may not pass for four to six weeks.
Officials in President Joe Bidens administration are trying to head off Republican concerns that his 1.9 trillion pandemic relief proposal is too expensive.
What is really underpinning the market is the stimulus that is what it is all about, said Joe Saluzzi, comanager of trading at Themis Trading in Chatham, New Jersey.
The market loves money, whether it is fiscal or monetary, and right now you have both. So if you do pull the rug out from stimulus plans, that might be a problem, but they arent going to do that.
The Dow Jones Industrial Average fell 36.98 points, or 0.12, to 30,960, the SP 500 gained 13.89 points, or 0.36, to 3,855.36 and the Nasdaq Composite added 92.93 points, or 0.69, to 13,635.99.
After climbing as much as 1.4 to an intraday record, the Nasdaq gave back a good portion of its gains, with the socalled stayathome winners, including Microsoft Corp,…