Wall Street closes higher on Amazon boost, despite economic worries

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U.S. stocks recovered lost ground after an upgrade of Amazon inspired tech buying and led major indices higher

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U.S. stocks on Monday extended a three-week losing streak as fears of a new round of lockdowns in Europe and the stalemate in Congress over the size and shape of another coronavirus-response bill dented hopes of a swift economic recovery.

“These are short-term fears that will go away because I think there’s quite a bit of undertow to the upside,” he said. The U.S. flag is seen outside of the New York Stock Exchange in New York City, U.S., September 21, 2020. REUTERS/Andrew Kellyon Monday closed almost 9% below the record high hit Sept. 2, putting it a little more than a percentage point away from sliding into correction territory.

“All the political energies are going to be directed towards the next Supreme Court nomination. I don’t see them paying attention to that and pushing stimulus through at the same time,” said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.

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