US stocks closed mixed as traders weigh China tensions against positive July jobs report - Business Insider

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US stocks closed mixed as traders weigh China tensions against positive July jobs report

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Hopes for an end-of-week breakthrough in stimulus talks faded as neither party revealed progress in reaching a deal. White House Chief of Staff Mark Meadows had indicated on Tuesday that the parties would reach a compromise by Friday. The lack of an agreement arrives one week after the $600-per-week expansion to unemployment benefits expired. Though Trump has suggested he can unilaterally approve new aid, a larger stimulus package remains far from reaching the president's desk.

"With Congress failing to agree on a new fiscal stimulus package yet, the risk is that a policy failure drains the tentative strength that had been creeping back into the economy in recent months," Seema Shah, chief strategist at Principal Global Investors, said.

 

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