[CNBC Television] Stocks pull back after setting record highs
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Darrell Cronk, president of Wells Fargo Investment Institute, and Sherry Paul, managing director of UBS Global Wealth Management, discuss today’s market pullback after yesterday’s record highs. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
Stocks slipped from record highs in volatile trading on Friday as lawmakers struggled to bridge differences on additional coronavirus stimulus measures.
The Dow Jones Industrial Average fell points, or 0.4%, to 30,. At its session low, the 30-stock benchmark shed more than 270 points. The S&P 500 dipped 0.4%, or points, to 3,, snapping a three-day winning streak. The Nasdaq Composite lost 0.1%, or points, to 12,. All three indexes touched new intraday highs earlier in the day after closing at records in the previous session.
Leaders on Capitol Hill said they are close to an agreement that would provide $900 billion in additional aid. The talks, which have stretched on for months, are up against the wire, with federal funding lapsing at 12:01 a.m. ET on Saturday.
Senate Majority Leader Mitch McConnell, R-Ky., said Friday that the negotiations “remain productive.” “In fact, I am even more optimistic now than I was last night that a bipartisan, bicameral framework for a major rescue package is very close at hand,” he added.
House Majority Leader Steny Hoyer, D-Md., said in the afternoon that the chamber would go into a recess until 5 p.m. while congressional leaders try to get a “clearer picture” of how to move forward. He told representatives to keep Friday night, Saturday and Sunday free.
Last-minute disputes preventing Congress from passing a relief deal include direct payments, small business loans and a boost to unemployment insurance.
As the market closed, Congress was trying to approve a measure to keep the government running for two more days, CNBC confirmed.
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