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US stocks end lower with Biden's relief plan in limbo

US stocks end lower with Biden's relief plan in limbo
President's $1.9 trillion coronavirus relief plan has so far failed to find support among Senate Republicans

By Ovunc Kutlu

ANKARA (AA) - Major US stock indexes surrendered earlier gains to close in negative territory Tuesday as President Joe Biden's coronavirus relief plan has so far failed to find support from Republicans.

The Dow Jones Industrial Average ended down 22 points to finish the day at 30,937 and the S&P 500 lost 5 points to close at 3,849 after retreating from a fresh record high.

The Nasdaq fell 7 points to 13,626 despite Moderna and Twitter rising more than 3% each.

US oil majors ExxonMobil, Chevron and ConocoPhillips each lost around 2% as crude prices were down around 0.3% with the Brent price at $55.55 per barrel and American West Texas Intermediate at $52.52 a barrel.

New coronavirus strains pushed the global number of COVID-19 cases above the 100 million mark around one hour before the closing bell. The rising number of cases continues to worry investors with higher risks, uncertainty and a weakening outlook for the global economy.

Investors have lately been focused on additional liquidity that is expected to come from the US, but there is political uncertainty in Congress as well.

The Democrat-controlled House of Representatives approved a $900 billion package in December, and Biden later increased the amount with a proposal of a $1.9 trillion relief bill.

The move has so far failed to find traction among Republicans in the Senate, although the Democrats may seek to pass it in the upper chamber with Vice President Kamala Harris having the tie-breaker role.

source: News Feed
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