The US stocks were mostly lower on Friday, 22 January 2021, with major indices- the Dow and the S&P 500 index settling lower while the technology-heavy Nasdaq Composite managed to eke out a marginal gain.
Selling pressure dominated the overall market as optimism about more stimulus unfazed by moderate Republican Senators Mitt Romney and Lisa Murkowski both expression of skepticism about the proposal. Meanwhile, disappointing quarterly earnings reports from blue-chip technology stalwarts Intel and IBM and some other companies also weighed on market.
At the close of trade, the Dow Jones Industrial Average index fell 179.03 points, or 0.57%, to 30,996.98. The S&P 500 index declined 11.60 points, or 0.3%, to 3,841.47. The tech-heavy Nasdaq Composite Index rose 12.15 points, or 0.09%, to 13,543.06. For the holiday-shortened week, the Nasdaq spiked by 4.2%, the S&P 500 jumped by 1.9% and the Dow rose by 0.6%.
President Joe Biden has proposed a $1.9 trillion plan to send $1,400 to most Americans and deliver other stimulus for the economy. But his party holds only the slimmest possible majority in the Senate, raising doubts about how much can be approved. Several Republicans have already voiced opposition to parts of the plan.
IBM Corp slumped 9.9% and was the top drag on the Dow Jones Industrial Average after it missed estimates for quarterly revenue, hurt by a rare sales decline in its software unit.
Intel Corp slipped 9.3% as new Chief Executive Officer Pat Gelsinger's post-earnings comments suggested the lack of a strong embrace of outsourcing.
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