Wall Street’s main indexes were set to slip on Friday as incoming President Joe Biden’s $1.9 trillion stimulus plan sparked fears of an increase in taxes, while investors parsed quarterly reports from major U.S. lenders and banks.
“The bank stocks have been running here for a couple of weeks now, so a lot of good news has already been priced in,” said Dennis Dick, a trader at Bright Trading LLC in Las Vegas.Wall Street’s main indexes are set to wrap up the week slightly lower after climbing to record highs recently, driven by growth-sensitive cyclical stocks on bets of a hefty fiscal package and optimism about vaccine distribution.
Meanwhile, data showed a further decline in U.S. retail sales in December. This is the latest sign the economy lost considerable speed at the end of 2020. Exxon Mobil Corp fell 2.7% after a report said the U.S. Securities and Exchange Commission launched an investigation of the oil major. Following a whistleblower’s complaint, the company overvalued a key asset in the prolific Permian shale oil basin.
InquirerUSA Let them have their cake and eat it too ...