{"id":104331,"date":"2021-01-08T20:27:52","date_gmt":"2021-01-08T20:27:52","guid":{"rendered":"https:\/\/fin2me.com\/?p=104331"},"modified":"2021-01-08T20:27:52","modified_gmt":"2021-01-08T20:27:52","slug":"sp-500-edges-back-from-record-high-on-doubts-over-bigger-stimulus-checks","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/sp-500-edges-back-from-record-high-on-doubts-over-bigger-stimulus-checks\/","title":{"rendered":"S&amp;P 500 edges back from record high on doubts over bigger stimulus checks"},"content":{"rendered":"<p>(Reuters) &#8211; The S&amp;P 500 retreated slightly from a record high on Friday following a report that Democratic U.S. Senator Joe Manchin opposed bigger direct checks, throwing cold water on possible further stimulus payments.<\/p><figcaption>FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS\/Mike Segar<\/figcaption><p>Manchin, a moderate Democrat from West Virginia, told the Washington Post in an interview that he would \u201cabsolutely not\u201d support a new round of payments, despite Democratic leaders\u2019 calls for $2,000 checks.<\/p>\n<p>Earlier in the day, the S&amp;P 500 and the Nasdaq touched record highs as hopes of more fiscal aid eclipsed data showing the economy shed jobs for the first time in eight months in December.<\/p>\n<p>\u201cPart of the reason the market has rallied in the last couple of days is the expectation of more stimulus, not only short-term but also long-term,\u201d said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.<\/p>\n<p>\u201cThe stand that Manchin is taking is against short-term stimulus, but that could have an impact in the long term too. The Senate is barely Democratic. Manchin certainly could go the other way.\u201d<\/p>\n<p>Positive COVID-19 vaccine data and expectations of a bigger fiscal package and infrastructure spending under a Democratic-led U.S. Congress have pushed the S&amp;P 500 above 3,800 points for the first time, and set all three major indexes on track for weekly gains.<\/p>\n<p>Seven of the 11 major S&amp;P sectors dropped, with economy-linked financials, materials and industrials, which have outperformed their peers and scaled record levels this week, dropping more than 1%.<\/p>\n<p>Market participants looked past a report that congressional Democrats plan to introduce articles of impeachment against President Donald Trump on Monday, after a violent crowd of Trump supporters stormed the U.S. Capitol.<\/p>\n<p>At 02:03 p.m. ET the Dow Jones Industrial Average fell 150.64 points, or 0.49%, to 30,890.49, and the S&amp;P 500 lost 5.63 points, or 0.15%, to 3,798.16.<\/p>\n<p>The Nasdaq Composite gained 36.49 points, or 0.28%, to 13,103.96, helped by gains in Tesla Inc and Baidu Inc.<\/p>\n<p>Electric car-maker Tesla jumped 6%, taking its market capitalization to more than $800 billion for the first time ever.<\/p>\n<p>U.S.-listed shares of Baidu gained about 13% on plans to form a company to make smart electric vehicles, according to two sources familiar with the matter.<\/p>\n<p>Declining issues outnumbered advancers for a 1.5-to-1 ratio on the NYSE and a 1.6-to-1 ratio on the Nasdaq.<\/p>\n<p>The S&amp;P 500 posted 83 new 52-week highs and no new low, while the Nasdaq recorded 543 new highs and 25 new lows.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/usa-stocks\/us-stocks-sp-500-edges-back-from-record-high-on-doubts-over-bigger-stimulus-checks-idUSL4N2JJ3FU\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; The S&amp;P 500 retreated slightly from a record high on Friday following a report that Democratic U.S. Senator Joe Manchin opposed bigger direct [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":104330,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S&amp;P 500 edges back from record high on doubts over bigger stimulus checks - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/sp-500-edges-back-from-record-high-on-doubts-over-bigger-stimulus-checks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P 500 edges back from record high on doubts over bigger stimulus checks - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) &#8211; 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