Stocks Snap Two-Day Rally: Bond Yields Increase: Markets Wrap
- Biden is expected to announce support plans later in the day
- Crude oil increases; dollar index erases earlier gain
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U.S. stocks fell for the first time in three days and Treasury yields climbed amid expectations President-elect Joe Biden plans Covid-19 relief of as much as $2 trillion.
After approaching all-time highs most of Thursday, the S&P 500 turned negative late in the trading session. Technology, communication services and consumer discretionary sectors were the biggest losers, while energy shares rose with oil. Biden last week put the “entire package” at “trillions of dollars,” and many Democrats believe it will be as much as $2 trillion. Biden is expected to announce his economic support plans later in the day. Federal Reserve Chairman Jerome Powell said policy makers won’t raise interest rates unless they see troubling signs of inflation.