US Stock Market Overview – Stock Fall but Finish the Week in the Black

U.S. stock prices fell on Friday as traders took profits ahead of the weekend. Investors continue to wait for the U.S. Congress to deliver a stimulus package. Most sectors in the S&P 500 index were lower, led down by Real-estate. Technology shares bucked the trend. Yields continue to rise throughout the week, putting downward pressure on interest rates sensitive sectors like real estate and utilities. Vice President Mike Pense received a Pfizer COVID vaccine in a sign to the republican base that getting a vaccine is a good idea. The U.S. current account deficit widened by more than expected while leading economic indicators rose more than anticipated. For the week, the large-cap S&P 500 index finished in the black rising approximately 0.8%.

The U.S. Current Account Deficit Widened

The U.S. current-account deficit, a measure of the nation’s debt to other countries, rose 10.6% largely in the third quarter because of an increase in the trade gap in Q2. The bigger gap reflected an increase in the deficit in goods.

Leading Economic Indicators Beat Expectations

The leading economic index increased by 0.6% last month, according to the Conference Board. That was a bit better than Wall Street had forecast. The index had risen 0.8% in October and 0.7%.

Google is Hit with Third Major Lawsuit

Google now faces its third government antitrust lawsuit this time from a bipartisan coalition of state attorneys general. A group of 38 states and territories took part in the lawsuit, which claims Google illegally maintained a monopoly in general search and search advertising through anticompetitive conduct and contracts.