Treasury Secretary Mnuchin declines lending program extension
The S&P 500 continues to trade lower by 0.3% as the market remains on its consolidation pattern. There's been some negative talk about Treasury Secretary Mnuchin declining to extend five emergency lending programs funded by the CARES Act despite the Fed preferring to extend them beyond the Dec. 31 expiration date. Mr. Mnuchin, however, said the market should remain confident that there are still other available lending facilities and said Congress should re-appropriate the unused $455 billion for targeted fiscal measures right away. Reports indicated that Mr. Mnuchin or a new Treasury Secretary could reinstate the programs later. Overseas, the major European indices closed in positive territory to finish the week with modest gains. Today, Germany's DAX gained 0.4%, UK's FTSE gained 0.3%, and France's CAC gained 0.4%. The Europe Stoxx 600 increased 0.5%.