Stocks dropped suddenly today, giving up earlier gains, after President Trump called off stimulus talks in Washington. The Dow tumbled 1.34%. The S&P 500 slid 1.4%. The Nasdaq fell 1.57%.
, sparking a sharp reversal in the major market benchmarks. The Dow Jones Industrial Average closed 377 points lower, or 0.9%. Earlier in the day, the 30-stock average was up more than 200 points. The S&P 500 and Nasdaq Composite slid 1.
4% and 1.6%, respectively. Trump tweeted: "I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business." Shares of Boeing dropped 6.8% to lead the Dow lower. Amazon slid 3.1% while Facebook, Netflix, Alphabet, Microsoft and Apple all declined more than 2%. Airlines were also under pressure as the industry was hinging on additional aid to avoid more layoffs. United Airlines and Delta were down 3.7% and 2.9%, respectively. American slid 4.5% and Southwest pulled back by 2.4%. "It will now come down to who sweeps and how much stimulus we get and what it looks like under either a Republican or Democratic congress/President," said Dennis DeBusschere, quantitative strategist at Evercore ISI. "For now ... the sweep scenario clearly favors the Dems. That is why unwinding stimulus trades should not be taken too far."Earlier in the day, Trump participated in a call with House Minority Leader Kevin McCarthy, Senate Majority Leader Mitch McConnell and Treasury Secretary Steven Mnuchin where they discussed coronavirus relief. House Speaker Nancy Pelosi, D-Calif., said Trump was putting "himself first at the expense of the country" by calling off the negotiations. "Walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus, as is required by the Heroes Act. He shows his contempt for science, his disdain for our heroes – in health care, first responders, sanitation, transportation, food workers, teachers, teachers, teachers and others – and he refuses to put money in workers' pockets, unless his name is printed on the check," she added. Earlier in the day, Federal Reserve Chairman Jerome Powell once again called for additional fiscal aid, saying it is necessary"Even if policy actions ultimately prove to be greater than needed, they will not go to waste," Powell said. "The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods."
Please follow us on Google to support us United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow jumps 465 points with Trump set to leave hospital; stimulus hope adds to rallyStocks climbed today, as President Trump says he will be discharged from the hospital this evening. The Dow jumped 1.68%. The S&P 500 rose 1.8%. The Nasdaq increased 2.32%.
Read more »
Dow Jumps More Than 450 Points After President Trump Says He’s Being Discharged From The HospitalInvestors are eyeing President Donald Trump's Covid-19 recovery and the potential for a new stimulus deal.
Read more »
Stock market live updates: Dow drops 300, Trump says 'stop negotiating' stimulus“We just think that the franchises are so strong and so dominant globally that I think it’s really difficult for even regulatory rulings to slow these companies down in the long term,” Light Street Capital’s Glen Kacher says about Big Tech. SohnXSF2020
Read more »
Dow swings 600 points after Trump rejects stimulus planStocks took a dive Tuesday afternoon after President Donald Trump said he ordered an end to stimulus negotiations until after the November election.
Read more »
Stocks drop, Dow down over 300 points as Trump halts stimulus talksThe Dow Jones Industrial Average gave up a gain of more than 100 points to trade more than 300 points lower on the day after President Donald Trump tweeted...
Read more »
Stocks suddenly drop after Trump calls off stimulus talks, Dow down 200 pointsStocks were lower after President Donald Trump instructed White House officials to halt negotiations on further coronavirus stimulus.
Read more »