Shares fell on Monday and Wall Street released records last week as investors worried about new political and economic risks and the resurgence of the coronavirus.
Democrats in the U.S. House of Representatives filed an indictment against President Donald Trump on Monday, accusing him of “inciting insurrection” after the deadly invasion of the Capitol last week.
The Dow Jones Industrial Average fell 89 points, 0.29%, to 31,008, the S&P 500 fell 0.66% and the Nasdaq fell 1.25%.
Boeing (BA) – Get the report it fell 1.5% after a Boeing 737-500 passenger plane operated by Sriwijaya Air crashed into the sea off the Indonesian coast on Saturday after taking off from Jakarta. The plane, a 737-500 aircraft, was much older than the Boeing 737 MAX, which landed in March 2019 after two fatal crashes.
Shares ended on record on Friday as investors assessed expectations of more economic stimulus following a weaker-than-expected U.S. job report. The United States lost 140,000 jobs in December, ending seven months of job growth.
During the week, the Dow rose 1.6%, the fourth consecutive weekly blue index gain, the S&P 500 added 1.8% and the Nasdaq gained 2.4%.
Last week’s gains were fueled by hopes that President-elect Joe Biden would support an economy devastated by the more fiscal stimulus of the coronavirus. Biden said he would present his proposals on Thursday for more tax support.
Stock market gains have also been driven by optimism about the deployment of coronavirus vaccines, even as infections continue to rise and scientists are discovering new variants of the virus.
Chris Larkin, CEO of E-Trade’s product trade and investment, said cyclical areas of the market could benefit from more stimulus and expect a faster economic recovery.
“And with the profit season kicking off with big financial names at the end of the week, we could get a preview of what’s to come,” he added.
Great banks like JPMorgan Chase (JPM) – Get the report, Citigroup (C) – Get the report and Wells Fargo (WFC) – Get the report will issue earnings reports at the end of the week.
Meanwhile, as Trump begins his last full week in office, calls have been growing for him to step down after last week’s Storms of the Captains by his supporters.
Republicans blocked a resolution calling on Vice President Mike Pence to invoke the 25th Amendment and withdraw Trump’s power, meaning the House should convene a full vote on the removal of the president on Tuesday.
Twitter (TWTR) – Get the report it declined 6.4% Monday after the social media platform outright banned Trump, citing concern that Trump’s accounts could be used to incite more violence.
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