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The number of Americans filing jobless claims rose again last week to 885,000 the highest weekly total in three months.
Nine months into the COVID-19 pandemic, there s still no sign of relief in the labor market. But another package from Congress could make a big difference. We committed to continuing these urgent discussions until we have an agreement, and we agreed we will not leave town until we ve made law, said Senate Majority Leader Mitch McConnell.
The latest bill on the table would extend unemployment benefits and provide aid to small businesses two elements that could relieve the pressure on jobs. And on Wednesday, Federal Reserve Chairman Jerome Powell warned the next few months could be rough for the economy. But he also said the vaccine developments are promising.
Fedâs Powell Says Treasury Market Will Eventually Stand on Its Own Again
The Fed is buying $120 billion a month in Treasurys and mortgage bonds By Dec. 16, 2020 6:10 pm ET | WSJ Pro
Federal Reserve Chairman Jerome Powell is fairly confident the Treasury market over the long run can operate without the central bankâs assistance.
âI donât think itâs at all a foregone conclusion that there needs to be a permanent Fed presenceâ buying Treasury securities, Mr. Powell said Wednesday during a news conference after the final Federal Open Market Committee meeting of 2020. âThatâs not something weâre planning on or intending.â
U.S. Stocks Rise to Records, Treasuries Decline: Markets Wrap
Bloomberg 12/17/2020 Claire Ballentine and Vildana Hajric
(Bloomberg) U.S. stocks notched a solid gain to close at all-time highs, even as lawmakers continue to wrangle over a federal-spending deal.
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The S&P 500 climbed for a third day, even with Republicans and Democrats still unable to reach an agreement that would assist millions of Americans who face losing virus-era assistance later this month. Investors earlier took an unexpectedly large rise in jobless claims as a sign the two sides would be prodded toward a deal. The dollar slumped, Treasury yields rose and oil advanced. Bitcoin breached $23,000 for the first time.
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THE BIG DEAL Sweeping COVID-19, spending deal hits speed bumps: Negotiations over a $900 billion coronavirus relief bill are running into 11th-hour snags, threatening to push Congress into a rare weekend session.
Lawmakers had hoped to clinch a sweeping deal, which would also fund the government through Oct. 1, on Wednesday after the top four congressional leaders signaled that they were closing in on an agreement following months of stalemate.
But instead, lawmakers and staff warned that while they still thought they would get the agreement the final stages of the talks are moving slowly as they continue to haggle over details and field requests for changes.
Dow Jones, S&P 500 and Nasdaq Composite all hit record highs Thursday
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The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite each hit new closing highs on Thursday as markets responded to optimism surrounding a new coronavirus stimulus bill. Photo by John Angelillo/UPI | License Photo
Dec. 17 (UPI) U.S. stocks closed at record highs on Thursday as investors maintained optimism over COVID-19 stimulus negotiations in Congress.
The Dow Jones Industrial Average climbed 148.76, or 0.49%, while the S&P 500 gained 0.58% and the Nasdaq Composite increased 0.84% all record closing highs.
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The real estate, materials and health care sectors led the S&P 500 s rise, climbing 1% each.