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NEW YORK (Reuters) - Major U.S. averages on Monday closed off their best levels of the day, although the S&P and Nasdaq still finished at record levels, as concerns over the timing and scope of fiscal stimulus dented optimism at the start of a week of earning reports from mega-cap companies.
Investors turned their focus to the U.S. Senate, which is aiming to pass COVID-19 relief legislation before former President Donald Trump’s impeachment trial begins in early February. Stocks moved lower after Democratic Majority Leader Chuck Schumer cautioned a stimulus bill may not pass for four to six weeks.