Stocks Dive After President Trump Shatters Stimulus Hope

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Stocks Dive After President Trump Shatters Stimulus Hope
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A set of mid-afternoon tweets from President Donald Trump sent stocks tumbling after an otherwise calm day for markets.

Stocks took a dive Tuesday afternoon after President Donald Trump in a set of tweets said he instructed his representatives to stop negotiations with House Democrat Nancy Pelosi for a second stimulus bill until after the November election....

Stocks began plunging almost immediately, with the Dow Jones Industrial Index down more than 250 points, or about 1.2%, by 3:30 p.m. EDT; it was previously up close to 1% Tuesday. The S&P 500, which was virtually flat for the day before the announcement, was also down about 1.2%, while the tech-heavy Nasdaq was down almost 1%.

The airline industry, which was on standby for a possible separate aid deal, was hit a bit harder with the S&P 500 Airlines Industry index down about 2.4% after the announcement, erasing modest gains from earlier in the day. American Airlines has already cut thousands of flights from its November schedule and shares of the company are down 3% in afternoon trading.President Trump’s tweet comes after days of urgent negotiations between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin, who resumed talks late last week after a months-long standstill.

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