The major futures indices are pointing to a 0.5% drop when the trading session begins on Wall Street on Friday.
In a letter to Fed Chairman Jerome Powell, Mnuchin said that the $ 455 billion allocated to the Treasury under the CARES Act last spring, much of which was earmarked to support Fed lending to businesses, nonprofits and local governments, should be available to Congress for reallocation. .
Meanwhile, Democrats and Republicans in Washington are still frustrated in their attempts to provide another dose of financial support to workers and companies. This has the specter of a gloomy winter looming over both the healthcare system and the economy.
Asian stocks were mixed in muted trading on Friday after Wall Street made modest gains amid a tug of war between concerns about the outbreak of the epidemic at the present time and optimism that a vaccine will save the economy in the future.
Japan’s Nikkei 225 is down 0.4%, Hong Kong’s Hang Seng is up 0.4% and China’s Shanghai Composite is up 0.4%.
In Europe, the FTSE in London is up 0.4%, the German DAX is up 0.2%, and the French CAC is up 0.4%.
On Wall Street on Thursday, the S&P 500 rose 0.4% after spending most of the day flipping between small losses and gains. The benchmark was coming out of a 1.2% decline from the previous day, pushing it away from its record of 3,626.91 set on Monday. A buying rush in the late afternoon erased nearly all of the S&P 500 losses for this week.
Tech companies accounted for much of the recovery. Firms relying on consumer spending and telecom stocks helped lift the market, outpacing losses in the utility and healthcare sectors. Treasury yields fell, in a sign of caution in the market.
|ribbon||Safety||the last||They change||They change%|
|I am: DJI||Dow Jones averages||29483.23||+44.81||+ 0.15%|
|SP500||Standard & Poor’s 500||3581.87||+14.08||+ 0.39%|
|I: COMP||Nasdaq Composite Index||11904.713966||+103.11||+ 0.87%|
The S&P 500 rose 14.08 points to 3,581.87. The Dow Jones Industrial Average added 44.81 points, or 0.2%, to 29,483.23 points. The index had fallen 210 points. The Nasdaq Composite Technology Heavyweight Index rose 103.11 points, or 0.9%, to 11,904.71.
Wall Street’s huge rally slowed in November this week as concerns about the economy’s near-term collapse clashed with hopes for stronger growth next year once effective coronavirus vaccines become available. A disappointing report released Thursday highlighted the concerns, as it showed more American workers Apply for unemployment benefits Last week from the previous week. It was a worse number than economists had predicted and the first increase in five weeks.
With Infections and hospitalizations are on the rise In most parts of the country, governors and mayors reluctantly issue mandates for masks, limit the size of gatherings, ban eating in indoor restaurants, shut down gyms and restrict the hours and capacity of other companies.
Balancing all of these concerns is the hope that the next vaccines can bring the pandemic under control and return the global economy to normal next year.
In the energy trade, US crude rose 14 cents, to $ 41.88 a barrel. Brent crude, the international benchmark, rose 19 cents to $ 44.39 a barrel.
The Associated Press contributed to this report.