Wall Street closes lower on Washington ruckus, earnings season

Wall Street’s major indexes closed weakly on Monday. This came after investors withdrew some profits following a series of highs last week. In addition to this, the fast-approaching earnings season and developments in Washington contributed to the subdued performance.

The Dow Jones Industrial Average recorded a 0.29% drop, while the S&P 500 traded 0.66% lower. The tech-heavy Nasdaq, on the other hand, saw a 1.25% decline. These weak records followed after the indexes rose last week as Democrats secured both houses of the U.S. Senate.

The double victory in Georgia’s runoff elections increased the possibility of a larger stimulus package to save the pandemic-beaten economy. But with U.S. President Donald Trump likely to be impeached for insurrection, investors were concerned that there would be an impasse.