Stocks fell as lawmakers debated the next coronavirus relief package.
 | TUE, JUL 28, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | INTC | 49.24 | -0.33 | -0.67% | | PFE | 39.02 | +1.48 | +3.94% | | AAPL | 373.01 | -6.23 | -1.64% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 67.61 | -1.36 | -1.97% | | GE | 6.89 | +0.18 | +2.68% | | AAL | 11.77 | +0.38 | +3.34% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 67.61 | -1.36 | -1.97% | | AAL | 11.77 | +0.38 | +3.34% | | INTC | 49.24 | -0.33 | -0.67% | |
| |
Many people who've been forced out of work during the coronavirus pandemic have been getting more in their unemployment checks than they were making in their jobs. Significant cuts to these enhanced jobless benefits, however, could put a big hole in the economy, writes CNBC's Jeff Cox, shaving hundreds of billions off the nation's gross domestic product. These benefits are set to expire Friday and Congress is wrangling over what to do about them. Some employers complain that they are a disincentive for people to return to work. "The big risks for markets and the economy is Congress thinks the recovery has taken hold and it can pull back on support, where everybody else knows we need to stay vigilant and fight through this recession," said Tom Garretson, senior portfolio strategist at RBC Wealth Management.  Stocks fell on Tuesday, holding to a range as investors await more news on earnings, the latest GDP numbers due out Thursday and the next stimulus bill. "The cutting of the unemployment benefits is setting us up for a political battle," said Peter Cardillo, chief market economist at Spartan Capital Securities, "and that could take time." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
Post a Comment