NEW YORK, Dec 29 Reuters U.S. stocks edged lower on Tuesday in choppy trading after hitting record highs, as investors worried about the path of the 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 gains 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 on Tuesday. 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.
McConnells comment comes a day after Democraticled House of Representatives approved the move to bump up direct payments.
The move by Majority Leader McConnell to not endorse the 2,000 disbursements turned equity markets from green to red around midday, said Joseph Sroka, chief investment officer at NovaPoint in Atlanta.
The plan that was originally signed is baked in. The question as to whether the bigger individual checks get passed is up for debate.
Unofficially, the Dow Jones Industrial Average fell 65.4 points, or 0.22, to 30,338.57, the SP 500 lost 8.46 points, or 0.23, to 3,726.9 and the Nasdaq Composite dropped 49.85 points, or 0.39, to 12,849.57.
Volumes are expected to be light in the holidayshortened week, which could lead to…