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S&P 500 Index tests key moving-average support levels

Manchin says no, virus curbs, and traders think the Fed won’t reach tightening target. 

Senator Joe Manchin effectively killed President Joe Biden’s economic agenda yesterday, with his rejection of the roughly $2 trillion package meaning it has no hope of passing a Senate vote. In a sharply critical statement the White House called Manchin’s decision a “sudden and inexplicable reversal.”  Biden and top Democrats must now regroup to see if a scaled-back version remains possible with little more than 10 months before midterm elections that will decide control of Congress. Goldman Sachs Group Inc. cut its forecast for U.S. economic growth for next year after Manchin’s move.