U.S. stock-index futures hovered near the flatline on Monday, with the S&P 500 index hanging around record territory but finding few reasons to trade higher amid a Congressional stalemate over fresh stimulus to help Americans and businesses hurt by the coronavirus pandemic.
On Friday, the Dow DJIA, +0.12% gained 1.8% for the week, the S&P 500 SPX, -0.01% booked a weekly advance of 0.6%. Friday’s gain turned the Nasdaq Composite Index COMP, -0.21% barely positive for the week, up 0.1%. “The S&P 500 is failing to breakout of its all-time high. Traders do believe that if the price continues to consolidate here, it is likely that the sentiment may become bearish,” wrote Naeem Aslam, chief market analyst at AvaTrade,” in a daily research note.
Investors are doubtful that a V-shaped recovery can be achieved without new support for those out of work but the market’s tepid climb also suggests that bets are being made that an agreement will be achieved eventually.
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