NEW YORK, Dec 11 Reuters The SP 500 and Nasdaq closed with modest declines on Friday, as uncertainty over fresh economic stimulus dented confidence, although strong gains from Walt Disney helped the Dow Industrials eke out a gain.
The U.S. Senate, facing a midnight deadline on Friday, unanimously approved a oneweek extension of federal funding to avoid a government shutdown and to provide more time for separate negotiations on COVID19 relief and an overarching spending bill.
Lawmakers have wrangled for months over a fresh fiscal stimulus package to support an economy battered by coronavirus lockdowns. New York Governor Andrew Cuomo on Friday suspended indoor dining in New York City, effective Monday.
Its like holiday shopping, you think youve got time and the next thing you know its the day before the holiday and youve got to hammer it out and get it done, said Tom Hainlin, global investment strategist at U.S. Bank Wealth Managements Ascent Private Wealth Group in Minneapolis.
The base case is that they are going to get it done, the base case is we are going to get some stimulus package put through and because we have some of the forbearance things falling off at the end of the year, there is a shot clock on these.
While recent data has showed a faltering recovery in the labor market, a survey from the University of Michigan on Friday showed consumer sentiment improved more than expected in November, while a gauge of inflation rose moderately.