US equities dipped slightly on Wednesday as investors weighed progress towards a stimulus compromise against disappointing economic data.
Congressional leaders are close to agreeing on a stimulus package that includes just under $900 billion in relief funds, according toSpending at US retailers contracted 1.1% in November, the Census Bureau announced Wednesday. Economists expected a drop of just 0.3%. October's preliminary 0.3% gain was revised to a 0.1% drop.
Investors will look to the Federal Reserve Wednesday afternoon for updates to the central bank's monetary policy strategy. Officials are expected to either update their asset purchase program or reveal new guidance for its purchases.US stocks climbed on Wednesday as bets on a stimulus breakthrough counteracted worsening economic data.
Congressional leaders are close to reaching a deal on a stimulus package with a price tag of nearly $900 billion,reported. The measure is expected to omit pandemic-related liability protections and state and local government aid, the two most contentious elements under discussion. More popular measures including a second round of direct payments and small-business relief are set to be included.
A deal could be finalized as early as Wednesday morning, sources briefed on the negotiations told Politico. Lawmakers have until the end of the week to pass new fiscal support and a funding bill before the federal government shuts down.