Stocks Pare Drop on Stopgap Bill Amid Aid Deadlock: Markets Wrap
- Senate passes one-week funding bill to avert federal shutdown
- Covid-19 relief discussions hit snag over lawsuit protections
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Stocks pared losses as lawmakers passed a stopgap spending bill to avert a federal-government shutdown, but gave no signals of an imminent stimulus deal.
In a volatile session, the S&P 500 quickly trimmed a slide that reached about 1% earlier Friday. The equity benchmark still notched its worst weekly drop since October amid an impasse over a relief package and concern about tougher restrictions as coronavirus cases swept across the nation. Giants Facebook Inc. and Tesla Inc. paced declines in the Nasdaq 100, while the Dow Jones Industrial Average rose as Walt Disney Co. soared to an all-time high after a bold forecast for its new streaming services.