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U.S. Stocks Recover From Early Lows, But Still End Session On Weak Note

wallstreet july20 11jan21 lt

U.S. stocks ended on a weak note on Monday, after languishing in the red right through the session, as investors stayed largely cautious, assessing valuations and taking some profits.

Rising coronavirus cases across the world and concerns about developments in Washington also weighed on stocks.

House Democrats are preparing to impeach Donald Trump even though the president has less than two weeks left in his term.

After the siege of the U.S. Capitol building by Trump supporters last week, Democrats are concerned about additional incitement by the president in his final days in office.

Meanwhile, on the stimulus front, President-elect Joe Biden pledged last Friday to come up with a massive economic stimulus. He said it will be "in the trillions of dollars," and will include $2,000 direct payments to Americans and aid for small businesses.

The major averages all ended notably lower today. The Dow, which plunged nearly 270 points in early trades, ended down 89.28 points or 0.29 percent at 31,008.69.

The S&P 500 slid 25.07 points or 0.66 percent to 3,799.61, while the Nasdaq settled at 13,036.43, losing 165.54 points or 1.25 percent.

The major averages scaled new peaks last week. The Dow gained about 1.6% and the S&P 500 climbed 1.8% and the Nasdaq gained 2.4% last week, and scaled new peaks in the process.

Twitter shares plunged sharply after the social media platform announced its decision to permanently suspend Trump's account on fears he could incite further violence. FaceBook shares slid as well.

Sales of Travelers Companies tumbled more than 10%. Apple, Boeing, American Express, Coca-Cola and Procter & Gamble also lost notable ground.

DuPont, Merck, Walmart, Goldman Sachs, JP Morgan Chase and General Electric moved higher.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Monday.

The major European markets too ended weak.

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