U.S. stocks edged lower on Tuesday in choppy trading after hitting record highs, as large uncertainty loomed over additional COVID financial aid.
Investors’ worry, coupled with overall low sentiment were visible as early modest gains, which brought stocks to an intraday record, were offset when the theU.S. Senate Majority Leader Mitch McConnell blocked immediate consideration of the measure calling for an increase in stimulus payments from $600 to $2,000.
The final passage of the proposal would require 60 votes and the backing of a dozen Republicans.
Investors were also worried about the path of economic reopening and whether the Senate would authorize additional pandemic aid checks.
McConnell said the chamber would address the increased payments this week along with limits on big technology companies and election integrity.
The Dow Jones Industrial Average .DJI fell 68.3 points, or 0.22%, to 30,335.67, the S&P 500 .SPX lost 8.32 points, or 0.22%, to 3,727.04 and the Nasdaq Composite .IXIC dropped 49.20 points, or 0.38%, to 12,850.22.
Volumes are expected to be light in the holiday-shortened week, which could lead to boosting volatility.
The S&P 500 is up 15.4% so far this year, with just two trading days left of the pandemic fueled year.
Wall Street’s three main indexes opened at new highs for a second straight session after Trump signed a $2.3 trillion fiscal bill that restored jobless benefits and averted a federal government shutdown.
The benchmark index is up more than 10% for the quarter as investors have flocked to economically-sensitive stocks from the so-called ‘stay-at-home’ plays on hopes of a recovery.
Intel Corp INTC.O jumped 4.93% after reports that activist hedge fund Third Point LLC is pushing the chipmaker to explore strategic options, including whether it should remain an integrated device manufacturer. [nL1N2J9139]
After rising as much as 2.6%, Boeing BA.N shares gave back earlier gains to close up 0.07% as its 737 MAX plane resumed passenger flights in the United States for the first time after 20-months.
Snapchat stock climbed 6.15% after Goldman Sachs raised its price target on the stock on upbeat revenue growth prospects.
Volume on U.S. exchanges was 9.46 billion shares, compared with the 11.14 billion average for the full session over the last 20 trading days.
Declining issues outnumbered advancing ones on the NYSE by a 1.70-to-1 ratio; on Nasdaq, a 2.57-to-1 ratio favored decliners.
The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 83 new highs and 27 new lows.
Meanwhile, the vaccination drive is moving swiftly as more than 2 million Americans have been inoculated.
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