Dow Falls 200 Points As Wall Street Worries Over ‘Opposition’ To Biden’s $1.9 Trillion Stimulus Plan-And Higher Taxes

Dow Falls 200 Points As Wall Street Worries Over ‘Opposition’ To Biden’s $1.9 Trillion Stimulus Plan-And Higher Taxes

Topline

Stocks are on track to end the week in the red despite big bank beats revving up the fourth-quarter earnings season as investors increasingly worry over the pandemic's worsening domestic outlook and the likelihood that President-elect Joe Biden's ambitious new stimulus plan will ultimately become law.

U.S. President-elect Joe Biden speaks on January 14 as he lays out his plan for combating the ... [+] coronavirus and jump-starting the nation's economy at the Queen theater in Wilmington, Delaware. President-elect Biden is expected to unveil a stimulus package with a price tag of trillions of dollars including a $1,400 direct payment to individuals who have been struggling with the economic turmoil caused by the COVID-19 pandemic. (Photo by Alex Wong/Getty Images)



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Key Facts





Shortly after the market open, the Dow Jones Industrial Average had fallen 155 points, or 0.5%, and the S&P 500 shed 0.3%, while the tech-heavy Nasdaq was virtually flat.





Massive fourth-quarter earnings beats by JPMorgan Chase, Wells Fargo and Citigroup on Friday morning were largely driven by reserve releases (meaning cash no longer kept on hand to meet