- US equities fell from record highs on Friday as Congress continued to iron out stimulus details.
- Congress has until midnight to agree on a deal before government funding lapses. Senate Majority Leader Mitch McConnell said Friday that a deal "is very close at hand."
- Other lawmakers indicated Congress could enter the weekend without passing a funding bill, dooming the US to a government shutdown.
- The $900 billion stimulus package is set to include a round of $600 direct payments, funding for the Paycheck Protection Program, and bolstered federal unemployment benefits.
- Oil futures edged higher on hopes for stimulus to lift demand. West Texas Intermediate crude rose as much as 1.9%, to $49.28 per barrel.
- Watch major indexes update live here.
US stocks fell from record highs on Friday as stimulus talks continued ahead of a key deadline.
Congress has just hours to finalize a new relief package before government funding lapses at midnight. If lawmakers can't reach a deal, they're set to pass a short-term funding bill for the second week in a row to continue stimulus talks into Christmas week. Senate Majority Leader Mitch McConnell told reporters on Friday that he feels "more optimistic now" than he was last night, adding that a package "is very close at hand."
The $900 billion relief package is set to include a round of $600 direct payments, funding for the Paycheck Protection Program, and bolstered federal unemployment benefits.
Here's where US indexes stood at the 4 p.m. ET close on Friday:
- S&P 500: 3,709.83, down 0.34%
- Dow Jones industrial average: 30,187.86, down 0.38% (115.51 points)
- Nasdaq composite: 12,755.64 down 0.07%
Some lawmakers indicated that Congress could enter the weekend without a funding bill, leaving such legislation for early next week. With indicators showing the economic recovery weakening further as winter sets in, additional fiscal support could be crucial to staving off a double-dip recession.
The broad slide came after the
Food and Drug Administration advisors endorsed Moderna's coronavirus vaccine on Thursday evening, moving the shot closer to an emergency use authorization. The FDA authorized Pfizer's shot last week.
Friday is the last trading day before Tesla joins the S&P 500 index. The automaker climbed to record highs in Friday trading. Goldman Sachs strategists said in a recent note that although the automaker's inclusion would have a notable impact on the benchmark's performance, it wouldn't make the S&P 500 as expensive as some expect.
Virgin Galactic tumbled after shareholders moved to sell as many as 113 million shares. A regulatory filing detailing the plans didn't specify when the sales might begin.
Bitcoin hovered below $23,000 after reaching a record high of $23,770.85 on Thursday.
Gold edged 0.4% lower, to $1,877.46 per ounce, at intraday lows. The US dollar strengthened against a basket of Group-of-10 currencies, and Treasury yields rose.
Oil prices gained amid hopes that stimulus could boost demand. West Texas Intermediate crude rose as much as 1.9%, to $49.28 per barrel. Brent crude, oil's international benchmark, jumped 1.9%, to $52.47 per barrel, at intraday highs.
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