REUTERS: The S&P 500 ended up slightly and the Nasdaq fell on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a U.S. fiscal support bill.
Similar rotations in recent years have not lasted very long, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. But, he said, at this point,"I'm looking at this more as a correction of growth than it is people abandoning stocks."Bets on a potential coronavirus vaccine, historic fiscal and monetary support, and more recently, a better-than-expected second-quarter earnings season have brought the S&P 500 close to its February record closing high.
U.S. Treasury Secretary Steven Mnuchin, in an interview to CNBC on Monday, said the Trump administration and Congress could reach an agreement as soon as this week if Democrats are"reasonable."
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