Stocks trade sideways after Congress passes stopgap spending bill
President Biden recently signed a bipartisan package to avoid a government shutdown, ensuring federal funding through mid-March. This new law does not raise the debt ceiling, a key demand from President-elect Trump, and includes a 3.8% salary increase for Congress members. Despite these developments, the market remains volatile, with the S&P 500 declining 1.7% since December began and the Nasdaq gaining only 1.4% after a nearly 3% drop the previous week. Market analyst Tom Essaye indicated this could preview market uncertainty into 2025, as concerns over Fed rate policies and political tensions surfaced. Midday trading showed the S&P 500 and Nasdaq Composite stabilizing, up 0.6% and 1%, respectively. Bitcoin also struggled, down about 13% from its peak. Analysts note that the year-end can yield mixed returns for cryptocurrencies, urging close observation of macroeconomic conditions to gauge future price stability.
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