Stocks fluctuated Monday as investors awaitedÂ details of a coronavirus relief package from Congress and weighed reports thatÂ Brexit trade talks could collapse.
The Dow Jones Industrial Average declined 167 points, or 0.55%, to 30,050, the S&P 500 fell 0.22% and the Nasdaq rose 0.35%.
Also denting sentiment was an increase in coronavirus infection levelsÂ in the U.S. and a report that said Washington could impose sanctions on Chinese officials for their alleged role in Beijingâ€™s disqualification of elected opposition legislators in Hong Kong.Â
The move from the State Department will target officials from the Chinese Communist Party and could come as soon as Monday, according to Reuters.
Asian markets finished mostly lower Monday, while European stocks fell after the U.K. and the European Union failed to reach a trade agreement over the weekend.Â Reports said 11th-hour Brexit talks had stalled and a make-or-break call between U.K. Prime Minister Boris Johnson and European Commission President Ursula von der Leyen was planned for later Monday.Â
On Wall Street, stocks closed at record highs Friday after a considerable slowdown in a U.S. labor market recovery boosted the chances of more economic stimulus from Congress.
Lawmakers could publish details of their compromise relief bill Monday, although the $908 billion package must pass both the House and Senate before a Dec. 11 deadline for the funding of federal agencies.
A U.S. jobs report for November that showed a net jobs gain of only 245,000 – the weakest since May – as well as the ongoing rise of coronavirus infections, stay-at-home orders and hospitalizations have underscored the need for fresh stimulus heading into the start of 2021.Â
Sen. Bill Cassidy, a Republican from Louisiana, said on â€œFox News Sundayâ€ that President Donald Trump and Senate Majority Leader Mitch McConnell would come â€œon boardâ€ with the $908 billionÂ pandemic relief package. The plan, however,Â wonâ€™t include $1,200 in direct payments to most Americans.
The number of confirmed global deaths from Covid-19, the disease caused by the coronavirus, rose to almost 1.54 million, according to Johns Hopkins University. Confirmed cases of the virus across the world have risen toÂ 67,189,474.
The U.S. death toll isÂ 282,345, the most in the world. The number of infected people in the U.S. wasÂ 14,761,730.
The United Kingdom will roll out the Covid-19 vaccine from PfizerÂ (PFE) – Get ReportÂ and BioNTechÂ (BNTX) – Get ReportÂ on Tuesday, becoming the first country to do so. The Food and Drug Administration in the U.S. could approve the vaccine as early as Thursday.