U.S. Stocks Decline Amid Fed Dispute With Treasury: Markets Wrap
- Mnuchin seeking to redirect unspent Fed stimulus funding
- Treasury yields, dollar hold steady; European stocks gain
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The S&P 500 Index extended a weekly decline as traders weighed a conflict between the White House and Federal Reserve over emergency lending programs along with assurances that the government has plenty of room to help the economy.
The benchmark equity gauge slumped in the wake of the disagreement over releasing government funds to further shore up growth, even as Treasury Secretary Steven Mnuchin said he will try to revive stimulus talks with congressional Democrats. Pfizer Inc. rose after filing for emergency approval of its Covid-19 vaccine. Gilead Sciences Inc. fell after authorities advised against using its remdesivir drug to treat Covid-19.