NEW YORK Jan 11 Reuters Wall Streets main indexes closed lower on Monday as investors took some profits after last weeks record levels while they waited for earnings season to begin and eyed events in Washington with trepidation.
U.S. stocks had rallied last week as investors bet that Democrats win of Georgia runoff elections would bring a higher likelihood of a heftier fiscal stimulus package to boost the pandemicsavaged economy.
But some investors worried stimulus could be delayed as House Democrats introduced a resolution to impeach U.S. President Donald Trump, accusing him of inciting insurrection following a violent attack on the Capitol by his supporters.
When markets are looking at something as critical as the governance of the United States, even a little bit of uncertainty can have a meaningful impact, said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts. What does that do to the ability of the parties to work together to pass policy things like stimulus.
McMillan said investors also worried about more attacks. The FBI has warned of possible armed protests being planned for Washington, D.C., and at all 50 U.S. state capital cities in the runup to Presidentelect Joe Bidens inauguration on Jan. 20, a federal law enforcement source said on Monday. Generally speaking, Washington doesnt make too much of a difference but since policy is influencing so much of whats expected around the economy, this is kind of a…