Stocks fell on Friday to close out a tough week as traders weighed President-elect Joe Biden’s $1.9-trillion stimulus plan along with the latest earnings from some of the biggest U.S. banks.
The Dow Jones Industrials shed 180.8 points to finish the week at 30,810.72. Dow Inc. and Chevron both fell more than 3% led the 30-stock average lower.
The S&P 500 dipped 27.29 points to 3,768.25. Energy dropped 4%, posting its worst one-day decline since late November, pressuring the S&P 500.
The NASDAQ stumbled 114.14 points to 12,998.50.
The Dow demurred 0.9% on the week, and the NASDAQ skidded 1.5%, to snap four-week winning streaks. The S&P 500 also lost 1.5% over that time period.
On Friday, investors got fresh looks at major banks such as JPMorgan Chase, Citigroup and Wells Fargo. JPMorgan reported better-than-expected earnings, but the stock fell more than 1%. Wells Fargo swooned 7.8% and Citigroup also declined 6.9%, even after posting earnings that beat analyst expectations.
Biden’s proposal, called the American Rescue Plan, includes increasing the additional federal unemployment payments to $400 per week and extending them through September, direct payments to many Americans of $1,400, and extending the federal moratoriums on evictions and foreclosures through September.
The plan also calls for $350 billion in aid to state and local governments, $70 billion for COVID testing and vaccination programs and raising the federal minimum wage to $15 per hour.
Meanwhile, the U.S. Commerce Department said retail sales fell 0.7% in December. Economists polled by Dow Jones expected sales to remain flat.
Prices for the 10-Year Treasury regained lost ground, lowering yields to 1.09% from Thursday’s 1.13%. Treasury prices and yields move in opposite directions.
Oil prices handed back $1.39 to $52.18 U.S. a barrel.
Gold prices erased $25.50 to $1,825.90 U.S. an ounce.