Stocks dip from records as Biden preps spending plans
Stock markets opened down Monday, falling from records set Friday, as President Biden prepares to unveil major spending plans.
The Dow Jones Industrial Average fell 135 points, or 0.4 percent, and the S&P 500 dropped 13 points, or 0.3 percent.
Markets have seen rocky performance in recent weeks, climbing to new highs and quickly falling back, as traders digest a recovering economy and major new fiscal response from the government.
Biden’s $1.9 trillion COVID-19 relief bill has already begun to trickle into the economy in the form of stimulus checks and state and local aid, though concerns over inflation have spiked bond yields and sent jitters through stock markets.
On Wednesday, Biden is expected to unveil the infrastructure piece of an expected $3 trillion plan to revitalize the economy. He is also expected to unveil a slimmed down budget proposal for congressional spending in 2022, outlining an expected $1.4 trillion in annual spending goals.