NEW: Dow Jones drops following Pres. Trump's tweets announcing halt in COVID-19 relief talks until after election.
Trump tweeted that House Speaker Nancy Pelosi was “not negotiating in good faith" and said he's asked Senate Majority Leader Mitch McConnell to direct all his focus before the“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," Trump tweeted.
Last week, the White House said it was backing a $400 per week pandemic jobless benefit and dangled the possibility of a COVID-19 relief bill of $1.6 trillion. But that offer was rejected by Pelosi. Trump broke off talks after Federal Reserve Chairman Jerome Powell warned earlier Tuesday that the economic recovery remains fragile seven months intoStocks dropped suddenly on Wall Street after Trump ordered a stop to negotiations. The Dow Jones Industrial Average swung instantly from a gain of about 200 points to a loss of about 300 points. Powell, in remarks before the National Association for Business Economics, made clear that too little support “would lead to a weak recovery, creating unnecessary hardship for households and businesses.”
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