shoppers held back on spending during the holidays and are feeling less confident, the latest in a litany of discouraging data on the economy.
Friday was the first chance for traders to act after President-elect Joe Biden unveiled details of a $1.9 trillion plan to prop up the economy.
He called for $1,400 cash payments for most Americans, the extension of temporary benefits for laid-off workers and a push to get COVID-19 vaccines to more Americans.
That fit investors’ expectations for a big and bold plan, but markets had already rallied powerfully in anticipation of it.Biden’s Democratic allies will have control of the House and Senate, but only by the slimmest of margins in the Senate.