Stocks fall, dollar rises as concerns linger over stimulus talks
By Caroline Valetkevitch NEW YORK (Reuters) -Global stock indexes eased and the dollar rose on Friday amid continued concerns over the timing of more U.S. economic stimulus. All three major U.S
By Caroline Valetkevitch
NEW YORK (Reuters) -Global stock indexes eased and the dollar rose on Friday amid continued concerns over the timing of more U.S. economic stimulus.
All three major U.S. stock indexes were lower in morning New York trading.
Rising coronavirus deaths are causing fresh business restrictions in many U.S. states and increasing layoffs, making investors anxious to hear whether more fiscal relief is coming.
House Speaker Nancy Pelosi on Thursday raised the possibility of stimulus negotiations dragging on through Christmas.
"Investors are wondering what is it that Congress needs to hear before they decide to act ... their focus is more on politics than it is on the American economy," said CFRA Chief Investment Strategist Sam Stovall.
The Dow Jones Industrial Average fell 62 points, or 0.21%, to 29,937.26, the S&P 500 lost 19.69 points, or 0.54%, to 3,648.41 and the Nasdaq Composite dropped 78.48 points, or 0.63%, to 12,327.33.
The pan-European STOXX 600 index lost 0.68% and MSCI's gauge of stocks across the globe shed 0.40%.
Still, recent U.S. initial public offerings suggested investors were generally upbeat on equities, even as jobs data pointed to U.S. economic weakness.
The dollar index rose 0.236%.
Sterling slipped as bets on further volatility in the currency grew as a disorderly Brexit appeared more likely. Sterling was last trading at $1.3224, down 0.52% on the day.
Britain is likely to complete its journey out of the European Union in three weeks without a trade deal, British Prime Minister Boris Johnson and European Commission chief Ursula von der Leyen said on Friday.
Morgan Stanley said it expects London's FTSE 250 index to drop 6%-10% if London and Brussels fail to agree a trade deal, with insurance, real estate and homebuilding stocks also at risk.
Benchmark 10-year notes last rose 9/32 in price to yield 0.8799%, from 0.908% late on Thursday.
Oil prices were flat, while spot gold prices were higher.
(Reporting by Caroline Valetkevitch; additional reporting by Reporting by Shriya Ramakrishnan in Bengaluru and Tom Wilson in London; Editing by Mark Heinrich and Nick Zieminski)
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