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Monday, August 10, 2020  
 
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Stocks Drift on Wall Street            08/10 09:22

   Wall Street is drifting in early trading on Monday after President Donald 
Trump announced several stopgap moves to aid the economy, following the 
collapse of talks in Congress for a bigger rescue package.

   NEW YORK (AP) -- Wall Street is drifting in early trading on Monday after 
President Donald Trump announced several stopgap moves to aid the economy, 
following the collapse of talks in Congress for a bigger rescue package.

   The S&P 500 was up 0.1% after Trump signed executive orders over the weekend 
to extend an expired benefit for unemployed workers, among other things, though 
they were more limited than what investors hoped to see from a full rescue bill 
for the economy. Both the White House and congressional Democrats indicated 
Sunday they wanted to resume negotiations, but no talks were scheduled.

   The Dow Jones Industrial Average was up 216 points, or 0.8% at 27,650, as of 
10:03 a.m. Eastern time, and the Nasdaq composite was down 0.4%.

   If stocks end the day higher, it would extend the S&P 500's wining streak to 
seven days, which would be its longest since the spring of 2019. The S&P 500 
has rallied all the way back to within 0.9% of its record, which was set before 
the pandemic pancaked the economy into recession. It had been down nearly 34% 
in March.

   Investors have been saying the economy needs another big lifeline from 
Washington, and quickly, after $600 in weekly unemployment benefits for workers 
from the federal government expired at the end of July. But talks broke apart 
on Friday, and Trump issued his executive orders on Saturday.

   Almost immediately afterward, critics said the moves did not go far enough 
to support the economy and may not be able to be implemented anyway. The 
economy has shown some signs of improvement since the spring, but it is still 
struggling. Friday's jobs report showed a larger-than-expected increase in 
hiring across the economy during July, but also a slowdown in job growth amid 
worries that a resurgence in coronavirus counts could force the economy to 
backtrack.

   The impasse on Capitol Hill is just one of several big forces pushing on 
markets, not even including the rising number of coronavirus counts around the 
world.

   Rising toward the top of the list in recent weeks has been growing 
antagonism between the United States and China, the world's largest economies. 
The latest move in their escalating tensions was China's announcement of 
unspecified sanctions against 11 U.S. politicians and heads of organizations 
promoting democratic causes, including Senators Marco Rubio and Ted Cruz.

   The two sides are scheduled to hold trade talks later this week.

   Chinese stocks rose earlier in the morning, along with many other markets 
around the world.

   Stocks in Shanghai climbed 0.8%, and South Korea's Kospi added 1.5%. The 
Hang Seng in Hong Kong, though, dipped 0.6% after the authorities arrested 
pro-democracy media tycoon Jimmy Lai and some of his associates on suspicion of 
collusion with foreign powers.

   In Europe, Germany's DAX returned 0.4%, and France's CAC 40 gained 0.6%. The 
FTSE 100 in London added 0.6%.

   The yield on the 10-year Treasury dipped to 0.55% from 0.56% late Friday.

   Benchmark U.S. crude oil gained 2.1% to $42.09 per barrel. Brent crude, the 
international standard for pricing, added 1.8% to $45.19 per barrel.

   Gold added 1.1% to $2,050.60 per ounce.

 
 
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