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  3. US markets end mostly lower on Friday

US markets end mostly lower on Friday

23 Jan 2021 Evaluate

The US markets ended mostly lower on Friday on account of profit taking, as some traders looked to cash in on the recent run to new record highs. Selling pressure waned over the course of the session, however, as traders shrugged off uncertainty about President Joe Biden's proposed $1.9 trillion coronavirus relief package. Optimism about more stimulus has helped propel stocks higher recently, although traders seemed unfazed by moderate Republican Senators Mitt Romney and Lisa Murkowski both expressing skepticism about the proposal. Romney and Murkowski both pointed to the recently approved $900 billion stimulus and raised questions about whether more relief is needed. Democrats could attempt to pass a new stimulus bill without Republican support by the so-called reconciliation process, which only requires a majority.

However, Democratic Senator Joe Manchin has also expressed concerns about the cost of increasing the size of direct payments to individuals to $2,000 from $600. The negative sentiment may have been partly offset by a report from the National Association of Realtors showing an unexpected rebound in existing home sales in the month of December. NAR said existing home sales climbed by 0.7 percent to an annual rate of 6.76 million in December after tumbling by 2.2 percent to a revised rate of 6.71 million in November. The rebound surprised market participants, who had expected existing home sales to slump by 2.1 percent to a rate of 6.55 million from the 6.69 million originally reported for the previous month. With the unexpected monthly increase, existing home sales in December were up by 22.2 percent compared to the same month a year ago.

Dow Jones Industrial Average declined 179.03 points or 0.57 percent to 30,996.98 and S&P 500 was down by 11.60 points or 0.30 percent to 3,841.47, while Nasdaq gained 12.15 points or 0.09 percent to 13,543.06.

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