(30 December 2020)DAILY MARKET BRIEF 1:Wall Street Retreats from Record Highs

US equities ended lower on Tuesday, retreating from all-time highs. Investors are concerned about the Senate’s delay to approve additional COVID relief checks. Previously, incumbent President Donald Trump proposed direct payments to be increased from $600 to $2,000. The House of Representatives, which is dominated by Democrats, endorsed Trump’s request, but the Senate delayed the vote on Tuesday after Senate Majority Leader Mitch McConnell blocked immediate consideration of the bill. He said the Senate would discuss increased payments later this week, along with limits on big tech and election integrity.

The stock indexes opened higher and updated the record highs on Tuesday morning, but they retreated after McConnell’s decision to block the quick vote.

In the end, the S&P 500 and Dow fell 0.22%, and Nasdaq dropped by 0.38%.