Every week, Madison Business Review contributor Bryce Roth provides a recap for what happened in the business world and stock markets.
Markets didnât have the extraordinary gains or losses that they have typically had throughout 2020, but the S&P 500 managed to gain 1.25% for the week.Â
Source: Bloomberg
However, the S&P 500 and Nasdaq Composite hit intraday and closing records on Wednesday, at 3,722.48 and 30,303.37, respectively, due to positive sentiment on stocks. Markets decreased slightly toward the end of the week, but the rally should continue because of positive after-hours news on Friday evening.
Congress sidesteps shutdown
Congress voted Friday to stop a government shutdown, sending a temporary funding proposal to President Donald Trump. If Democrats and Republicans canât agree on a stimulus bill by 12:01 a.m. EST on Monday, federal funding will lapse, though thatâs a 48-hour extension from Saturday. Leaders must approve a full-year funding plan and a second stimulus package.