U.S. stocks edged lower on Tuesday in choppy trading after hitting record highs, as investors worried about the path of economic reopening and whether the Senate would authorize additional pandemic aid checks.
Modest gains in early trading brought stocks to an intraday record, but the advance evaporated after U.S. Senate Majority Leader Mitch McConnell blocked immediate consideration of the measure calling for an increase in stimulus payments from $600 to $2,000. Final passage of the proposal would require 60 votes and the backing of a dozen Republicans.
McConnell said the chamber would address the increased payments this week along with limits on big technology companies and election integrity.
McConnell’s comment comes a day after Democratic-led House of Representatives approved the move to bump up direct payments.
The Dow Jones Industrial Average fell 68.3 points, or 0.22%, to 30,335.67, the S&P 500 lost 8.32 points, or 0.22%, to 3,727.04 and the Nasdaq Composite dropped 49.20 points, or 0.38%, to 12,850.22.