The Dow Slips, Torn Between Stimulus and Dwindling Customer Strength
The Dow saw itself torn Wednesday as investors weighed signs of dwindling consumer strength and the prospect of stimulus before year-end to support the economy.
The Commerce Department outlined that retail sales have fallen 1.1% last month, exceeding expectations of a 0.3% decline. The retail sales control group, which has a big impact on US GDP has fallen 0.5%, as opposed to forecasts of a 0.2% rise.
On the positive side of things, it appears US lawmakers are finally nearing a stimulus deal. The aid package is expected to include much-needed support for businesses and unemployed US citizens.
"COVID and the UI cliff will continue to weigh on spending in December, but we believe Congress is very close to finalizing a new stimulus bill which will reinstate enhanced UI (unemployment insurance) benefits from January through April at $300/week (or $1200/month)" Jefferies commented.
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