Mitch McConnell, the Senate majority leader who refused to bring to a confirmation vote President Barack Obama's nominee to replace conservative Supreme Court Justice Antonin Scalia upon his death in 2016 because it was an election year, announced Friday in the wake of news of the death of liberal Justice Ruth Bader Ginsburg that President Donald Trump's selection to replace Ginsburg will get a Senate vote. McConnell argued in a statement that began by paying tribute to Ginsburg's 87 years of life and trailblazing career that the Senate majority in place at the time of Scalia's sudden death had been put there to oppose Obama, while the Senate majority currently in place exists to pursue the Trump agenda. Senate Minority Leader Charles Schumer had moments earlier referenced McConnell's 2016 words in stating the view that the American people should have a voice, through their votes in the presidential election, in the selection of the next Supreme Court justice, which had a 5-4 conservative majority prior to Ginsburg's death. Election Day is 46 days away.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Stocks ended lower Friday, pulling major benchmarks into negative territory for the third consecutive week as investors again dumped high-flying tech shares. The Dow Jones Industrial Average fell around 245 points, or 0.9%, to end near 27,657, according to preliminary figures. The S&P 500 lost around 38 points, or 1.1%, to close near 3,319, while the tech-heavy Nasdaq Composite dropped around 117 points, or 1.1%, finishing near 10,793. For the week, the Dow fell less than 0.1%, while the S&P 500 and Nasdaq each gave up 0.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
President Donald Trump predicted Friday that the U.S. would make available to all Americans a coronavirus vaccine "by April." That estimate is at odds with CDC Director Robert Redfield's prediction Wednesday that a vaccine probably would not be widely available to Americans until the summer or fall of 2021. Trump has said the CDC chief was "confused." Speaking at a White House news conference, Trump said distribution would begin within 24 hours of approval.
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The Invesco QQQ ETF , which tracks the technology-heavy Nasdaq 100 index , dropped 1.4% in afternoon trading Friday, led lower by the extended pullbacks in the shares of mega-capitalization companies. The QQQs are now down 9.6% month to date, which puts it on track for the biggest monthly percentage decline since it dropped 11.5% in November 2008. Among the three most heavily weighted components of the QQQ, Apple Inc.'s stock has tumbled 16.5% this month, on track for the biggest monthly decline since it shed 18.4% in November 2018; Microsoft Corp. shares have slid 11.6% in September, which puts them in danger of the biggest monthly drop since it tumbled 13.0% in January 2015; and Amazon.com Inc.'s stock has sunk 14.8% in September to date, which puts it on track for the worst monthly performance since it fell 20.2% in October 2018. Meanwhile, the S&P 500 is down 5.2% so far this month, and is headed for the biggest percentage decline since March 2020, when it slumped 12.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
U.S. stocks on Friday were seeing heavy selling pressure, led by declines in large-capitalization technology-related companies. The selling action managed to erase weekly gains for the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite . On the day, the Dow was off 1.2% at 27,570, the S&P 500 index was trading 1.5% lower at 3,307, well below its 50-day moving average at around 3,343.34, according to FactSet data. The Nasdaq was nearly 1.8% lower on the session at 10,711. For the week, the Dow was down 0.4% for the week, the S&P 500 was seeing a 1.1% weekly decline, while the Nasdaq was on track for a 1.4% weekly loss. A weekly decline would represent the longest such streak since three weekly declines ended Oct. 4 of 2019 for the Dow and the S&P 500. For the Nasdaq, would mark the longest weekly losing streak since the four-week stretch ended Aug. 23, 2019. However, some stocks were maintaining altitude in the market, including popular Tesla Inc. , which was up 3% despite the broad-market downturn. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.