U.S. stocks erased most early gains Wednesday as investors weighed mixed corporate earnings against dismal economic data. The dollar gained and Treasury yields rose.
All three major American equities gauges were initially higher after General Motors Co. gained after reporting results that beat analysts’ expectations. A report showed U.S. companies“One thing is for sure is that this pandemic health crisis has produced depression-magnitude job losses which means this recovery is going to take longer than many are thinking,” said Chris Rupkey, chief financial economist for MUFG Union Bank.
The U.S. is increasing the amount of debt it plans to issue in quarterly refunding auctions to a record high of $96 billion to provide government funding as the economy heads into a recession.
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