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Bulls are convinced the American consumer — and the stock market — are going to hold up fine, even if politicians fail to approve another round of fiscal stimulus before next month’s elections.

Some economists, however, have doubts about just how much buying power consumers have left after an admittedly robust third quarter. Worryingly, the latest round of weekly data on jobless claims showed that first-time applications for benefits unexpectedly rose, hitting a seven-week high and possibly signaling that resurgent COVID-19 outbreaks in several states are hurting the labor market again.

Read: What will put the nail in the fiscal-stimulus coffin? The calendar, maybe

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