Stocks closed lower on Friday as President-elect Joe Biden released plans for a $1.9 trillion dollar COVID-19 relief package. On Friday, tech shares gained while banks led the decline of financial stocks after some of the largest players released less than stellar earnings reports. This short-term selloff goes against the longer upward trend for stocks. The S&P 500 hit a record high during the first week of the year, only to fade slightly last week.
Making news last week was President-elect Joe Biden’s proposed $1.9 trillion stimulus package, including $1,400 stimulus checks for individuals and aid for state and local governments. The announced amount seemed to be less than what was being anticipated by markets as equities were weak, gold little changed and bond yields only making small gains.
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