Dow falls more than 100 points as tech drop pushes stocks off record highs
Stocks fell on Wednesday, retreating from the record highs set earlier in the day, as tech shares struggled and traders weighed the prospects of new fiscal stimulus.
The Dow Jones Industrial Average closed 105.07 points lower, or 0.35%, at 30,068.81. The S&P 500 fell 0.8% to 3,672.82. The Nasdaq Composite pulled back by 1.9% to close at 12,338.95. Earlier in the session, the Dow was up more than 100 points. All three averages also touched fresh intraday records.
The major averages gave back their initial gains after Senate Majority Leader Mitch McConnell told Politico that Republicans and Democrats were “still looking for a way forward” on additional fiscal aid.
Those remarks came after Treasury Secretary Steven Mnuchin pitched Tuesday a $916 billion stimulus package to House Speaker Nancy Pelosi.
McConnell, meanwhile, said he wants Congress to pass a coronavirus relief bill with neither legal immunity for businesses nor state and local government relief. Senate Minority Leader Chuck Schumer, D-N.Y., said McConnell’s proposal to move stimulus talks forward without state and local government aid is not in good faith.
Reference: CNBC
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