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The better-than-expected jobs data lifted stocks from a modest decline in early trading. The S&P 500 and Dow slid through the session as investors grappled with the possibility of stimulus talks lasting for weeks. House Speaker Nancy Pelosi knocked the White House Wednesday afternoon, saying that Democrats were"willing to resume negotiations" when the Trump administration starts"to take this process seriously."
Senate Majority Leader Mitch McConnell said Thursday afternoon the Senate will go on recess until September, further dashing hopes for a near-term deal. If a compromise is reached before then, lawmakers are to return to the capitol within 24 hours, he said.
The S&P 500 brushed up against its February peak before relinquishing gains and tumbling through the afternoon. The index closed just below record highs in the past two trading sessions as investors fluctuated between tech mega-caps and neglected cyclical stocks.
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