Wall Street ends well off session highs; Nasdaq, S&P 500 at records

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Wall Street ends well off session highs; Nasdaq, S&P 500 at records

Major US stock indices had witnessed an intensely volatile session on Monday with all three key indices of Wall Street wrapping off the session well below their session highs, as lingering concerns over the timeline of a $1.9 trillion US stimulus package what was proposed by the US President Joe Biden earlier on December 2020, appeared to have dented market optimism at the start of a week that will unleash a flurry of earnings report from mega-cap companies.

In point of fact, money markets in the United States remained more focused on US Senate’s intent to pass a pandemic relief bill lately as the former President Donald Trump’s impeachment trial has been set to begin in early-February, nonetheless, stocks edged lower at the later part of the day after the Democratic Senate Majority Leader Chuck Schumer had raised a warning bell over the Biden-proposed trillion-dollar stimulus bill adding that a pandemic relief aid might not pass through the Senate in four to six weeks.

Besides, officials in Biden Administration were reportedly vying to vent out a way to allay Republicans’ concerns that a $1.9 trillion in pandemic stimulus had been too expensive, adding further strains to investors’ optimism.

Wall Street ekes out gains in volatile session

Citing statistics, in the day’s Wall Street closure, trade-sensitive Dow shed 0.12 per cent to 30,960 and S&P 500 added 0.36 per cent to 3,855.36, while tech-heavy Nasdaq soared 0.69 per cent to 13,635.99, leading the tally of gains.

Meanwhile, referring to investors’ stimulus-centric approach, a co-manager of trading at Themis Trading in Chatham, New Jersey, Joe Saluzzi said, “What is really underpinning the market is the stimulus – that is what it is all about.

The market loves money, whether it is fiscal or monetary, and right now you have both. So, if you do pull the rug out from stimulus plans, that might be a problem, but they aren’t going to do that”.