Stock markets on Friday closed at new highs, brushing aside signs of a slowing recovery as the prospects for a lame duck COVID-19 relief bill grow.
The Dow Jones Industrial Average closed up 249 points, or 0.8 percent, to close at a record 30,218.
The S&P set its own record, closing up 32 points, or 0.9 percent, at 3,699, while the NASDAQ closed at a new peak of 12,464, up 87 points, or 0.7 percent.
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The Labor Department released data Friday showing that job growth had slowed to pre-pandemic levels, posting a net gain of just 245,000 jobs, lower than what had been expected.
Analysts fret that the economy could fall into a double-dip recession as COVID-19 cases continue to spike.
President-elect Joe BidenJoe BidenAppeals court OKs White House diverting military funding to border wall construction Federal student loan payment suspension extended another month Pentagon: Tentative meeting between spy agencies, Biden transition set for early next week MORE called the report “grim,” and reiterated his call for Congress to immediately pass a relief bill centered around a $900 billion bipartisan compromise bill presented earlier in the week.
House Speaker Nancy PelosiNancy PelosiOn The Money: Unemployment gains lower than expected | Jobs report lights fire under coronavirus relief talks Hillicon Valley: Senate Intelligence Committee leaders warn of Chinese threats to national security | Biden says China must play by ‘international norms’ | House Democrats use Markup app for leadership contest voting Bipartisan governors call on Congress to pass coronavirus relief package MORE (D-Calif.) and Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellOn The Money: Unemployment gains lower than expected | Jobs report lights fire under coronavirus relief talks GOP senators back Christian school’s push for COVID-19 carve-out Bipartisan governors call on Congress to pass coronavirus relief package MORE (R-Ky.) both sounded hopeful notes on getting a deal done after having a direct conversation about it for the first time in months.
Biden added that any deal would need to be followed with additional action early next year.
Markets have been bullish since Pfizer and Moderna announced that their COVID-19 vaccines were highly effective in trials, and applied for emergency use authorizations from the Food and Drug Administration.