The stock market was on the move higher in early trading Friday after Treasury Secretary Janet Yellen said a large Covid-19 relief package is needed for a full recovery in the U.S. However, it has slipped to a mixed-mode as it headed into afternoon trading to close out the week with the DOW gaining roughly +48%, the S&P 500 and NASDAQ fighting to stay in positive territory for the day.
Yellen told CNBC Thursday after the bell that more stimulus is necessary even as some economic data suggested a rebound is already underway. She added a $1.9 trillion stimulus deal could help the U.S. get back to full employment in a year.
“We think it’s very important to have a big package [that] addresses the pain this has caused – 15 million Americans behind on their rent, 24 million adults and 12 million children who don’t have enough to eat, small businesses failing,” Yellen told CNBC’s Sara Eisen during a “Closing Bell” interview.
“I think the price of doing too little is much higher than the price of doing something big. We think that the benefits will far outweigh the costs in the longer run,” she added.
On a weekly level, the major indexes are mixed on the week with the S&P 500 sitting relatively flat, the DOW trying to squeak out a small gain of roughly +.50%, and the NASDAQ is lagging with a loss of about -1%.
Gold and Bitcoin are at complete opposite ends of the spectrum, with gold looking to lose -2.5% on the week while Bitcoin will post a weekly gain of +15% as it trades at record highs just below $55,000.
The U.S. dollar and crude oil will post small weekly losses of -.25% and -.13%.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,725.62
- Dow (INDEX:DJI): 30,014.97
- NASDAQ (NASDAQ:COMP): 13,132.47
- U.S. Dollar (ICE:DX): 90.11
- Gold (NYMEX:GC.J21): 1,790.90
- Crude Oil (NYMEX:CL.H21): 62.29
- Bitcoin (BITCOIN:BITSTAMPUSD): 32,193.70