Dow’s Slide Accelerates as Wall Street Scrutinizes Size of Biden Aid Plan


Dow's Slide Accelerates as Wall Street Scrutinizes Size of Biden Aid Plan

Stocks declined Friday as President-elect Joe Biden unveiled a $1.9 trillion Covid-19 relief package, banks fell after kicking off earnings season and U.S. retail sales were worse than expected.

The Dow Jones Industrial Average fell 359 points, or 1.16%, to 30,632, the S&P 500 declined 1.1% and the Nasdaq was down 1.06%. Stocks tumbled in the last hour of trading Thursday. The Dow and Nasdaq had set intraday record highs during the session.

Biden’s “American Rescue Plan” includes $1,400 checks for individuals, on top of $600 provided in the last relief bill. Other elements of the plan include extending supplemental unemployment payments and a moratorium on evictions and foreclosures through September.

The president-elect’s plan also provides funds for vaccine deployment to help fight the coronavirus pandemic that as of Thursday has killed nearly 389,000 Americans.

The size of the aid package, as well as the potential for tax increases, has many on Wall Street concerned Biden may not win support in Congress for his proposals.




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