as traders took a discouraging jobs report as a sign that Congress will finally move to deliver more aid for the pandemic-stricken economy.
Hopes remain deeply rooted on Wall Street that one or more coronavirus vaccines are coming to rescue the global economy next year. But efforts to contain a surge in new virus cases has stoked worries about more economic pain for companies and consumers.perversely helped lift stocks. Investors are betting the report may be bad enough to help kick Congress out of its paralysis and deliver more support for the economy.
Stocks seemed headed for a downbeat day early Friday as traders weighed the disappointing jobs report. Treasury yields sank, and U.S. stock futures wobbled after the data showed employers added just 245,000 jobs last month, half of what economists were expecting. The report marked a sharp step down from October’s gain of 610,000 and was the fifth straight month of slowing growth.
House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell spoke on the phone Thursday about a possible deal, and lawmakers from both parties have been voicing support. The glimmers of progress follow months of cajoling and pleading by economists and investors, who say such aid is essential. Many obstacles remain, though.The hope in markets is that financial support from Washington could help carry the economy through a dark winter.
It’s like rich people betting on poor people’s misery.
Something is very wrong !!
this is terrible news
Trump! Dementia Joe will ruin this for us.
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