The major U.S. indices show negative dynamics in the trading on Friday, November 20, due to disputes between the Federal Reserve and the US Treasury over the extension of a variety of programs during the coronavirus pandemic to support the country’s economy.
Thus, Treasury Secretary Steven Mnuchin said the emergency loan programs of the Fed, initiated by the regulator at the start of the Covid crisis, will not be extended after December 31 of this year. In response, the Fed expressed its disagreement, arguing that unless there are strong signs of a turnaround in the US economy, all programs should work.
Even if you’re not actively in crypto, you deserve to know what’s actually going on...
Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.
Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free. .
Meanwhile, Republican majority leader Mitch McConnell marginally cheered the investment community’s mood, announcing his readiness to restart talks with Democrats on a new package of financial incentives in the midst of the continuing increase in the number of Covid-19 cases in the country.
The news that the American company Pfizer Inc (PFE) (+1.41%) and German BioNTech SE (BNTX) (+9.63% )today sent a request to the US Food and Drug Administration (FDA) to seek approval for the emergency use of the coronavirus vaccine they created has also been a positive factor for the market.
The broad-market Standard & Poor’s 500 index retreat 0.68 percent to 3,557 points, the Dow Jones Industrial Average blue-chip was down 0.75 percent at 29,263 points, and the high-tech industry NASDAQ Composite index was marginally down -0.42 percent to 11,854 points.
Light crude futures for January delivery were up 1 percent to $42.15 a barrel. The gold price is that by 0.65 percent and is at $1,872.40 per Troy ounce. Meanwhile, the EUR/USD currency pair is down 0.14 percent and is at 1.1855.
For American sporting goods retailer Hibbett Sports Inc (HIBB) shares, the session shaped up not so well, as it concluded at $42.64 adding just 1.21 percent to its value after releasing an impressive quarterly report. In the reported quarter, sales of the company rose by 20 percent from $275.5 million a year earlier to $331.4 million.
In the meantime the papers of Activision Blizzard Inc (ATVI), one of the world’s leading video game manufacturers, have advanced by 1.16 percent to $76.81.
Meanwhile, BJ’s Wholesale Club Holdings Inc’s (BJ) shares were down for the second straight session, which dropped by 5.72 percent to $42.00 on Friday, despite the quarterly financial results of the company beat the consensus estimates of analysts.