investing.com 21 Dec, 2020 22:15 am

Dow Shrugs off Fears of Mutant Virus Hit to Recovery as Stimulus Vote Nears By Investing.com

Dow Shrugs off Fears of Mutant Virus Hit to Recovery as Stimulus Vote Nears

com – The Dow cut its losses on Monday, as the soon to be rolled out $900 billion stimulus package prompted investors to buy the weakness and shrug off fears a new a strain of Covid-19 in the U.Markets had suffered heavy losses early Monday after a new strain of Covid-19 spreading rapidly across England prompted fresh travel from Canada and parts of Europe, raising concerns about the impact on the global economic recovery."While news of a new COVID-19 strain in London first emerged a while back, tightening restrictions by the EU and Canada and deepening lockdowns are sparking heightened concern," Scotia Economics said in a note.Financials helped the market recover some losses, with banking stocks leading the charge higher after the Fed said, based on its latest stress tests, it would allow banks to buy back stocks and pay out dividends as its stress tests suggested banks had "strong capital levels.

20%, or 59 points, but had been down by about 400 points earlier in the day.Lawmakers on Capitol Hill are expected to vote in favor of a $900 billion stimulus package that will include direct funding to Americans to prop up the economy.

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