Stocks close a blistering week, even as uncertainty lingers

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Wall Street took a breather Friday after a blistering rally that gave the market its biggest weekly gain since April and indicated investors see plenty of benefits from more gridlock in Washington.

The Standard & Poor’s 500 index inched down 1.01 point, or less than 0.1%, to 3,509.44, leaving its blockbuster gain during election week at 7.3%. While stocks cooled, the bond market got a shot of optimism about the economy from a report showing U.S. employers hired more workers last month than economists expected. Treasury yields climbed, a sign of improved confidence.

The yield on the 10-year Treasury climbed to 0.81% from 0.78% late Thursday after the U.S. government said employers added 638,000 jobs last month. The stronger-than-expected tally suggests the economic recovery may still be intact, though it also marked another slowdown in monthly job growth. But split control of Washington has downsides too, and analysts said those and other risks for the market could upend what’s been a jubilant week.

Another risk for the market is that of a drawn-out, disputed election for the presidency. Markets see cause for optimism if either Biden or President Trump wins, but what investors want more than anything is for a clear winner to emerge.

 

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Wall Street just likes that now the election is over there is hope for another stimulus package... and that McConnell will have enough control to wrestle a big chunk of that cash away for big companies like he did last time.

I would wait to get in.

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