The stock market started this week with what looked like another record run, but things turned sour mid-week as COVID-19 infections continue to rise both in the US and globally. Adding to the uneasiness is Washington's inability to agree on a stimulus package and jobless claims numbers that continue to grow. Last week's report saw that number grow to 853,000, the highest total since Sept. 19.
Lawmakers seek to pass a bill before lifelines expire at the end of 2020, but disagreements over state and local stimulus, unemployment assistance, and stimulus checks still exist.
According to NBC News, Senate Majority Leader Mitch McConnell's staff informed congressional leadership offices that Senate Republicans likely would not support a $908 billion bipartisan proposal. Earlier on Thursday, House Speaker Nancy Pelosi said that bipartisan negotiations led to "great progress."
At the end of the week, the S&P 500 looks at a loss of roughly -1%. The DOW will lose roughly -.60%, and the NASDAQ will have the worst week of the three indexes losing -1.4% or so.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,552.77
- Dow (INDEX:DJI): 29,332.82
- NASDAQ (NASDAQ:COMP): 11,796.53
- U.S. Dollar (ICE:DX): 92.80
- Gold (NYMEX:GC.G21): 1,851.80
- Crude Oil (NYMEX:CL.F21): 45.62
- Bitcoin (BITCOIN:BITSTAMPUSD): 16,218.00