Stocks Fall On Wall Street As Hopes For New Virus Aid Fade
Source: AP News
18 mins ago.
Stocks are closing lower on Wall Street as optimism fades that Washington will deliver more badly needed aid for the economy before the election next month. The benchmark S&P 500 index fell 1.6% after starting the day higher. Investors are also preparing for a busy week of corporate earnings. Procter & Gamble, Netflix and IBM are among the companies that will report how they did over the summer, when the virus lockdowns were in full swing. Stocks had been up in the early going following a report that China's economy grew at a 5% annual rate in the last quarter.
THIS IS A BREAKING NEWS UPDATE: AP's earlier story appears below.
Stocks are down on Wall Street in afternoon trading Monday, giving up some of their recent gains, as optimism that Washington will deliver more aid for the economy before Election Day fades.
The S&P 500 was down 1.6% after shedding an early gain that followed a report that China's economy grew at a 5% annual rate in the last quarter. The market slide was broad, though technology, health care and communication stocks bore the brunt of the selling. Treasury yields were mixed.
Investors remain focused on the potential for new stimulus measures for the economy, but hopes for agreeing on a new package before the Nov. 3 election are dimming. Meanwhile, the coronavirus remains a concern and the election will likely make for a volatile few weeks. "We're in a period here in the the next couple of weeks where the market goes sideways through the election," Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.
Read more: https://apnews.com/article/virus-outbreak-financial-markets-asia-financial-markets-china-1bcadfe308e9df05687ce816c5091cf0
- 3:04 PM, ABC News, 'A Tuesday deadline for pandemic relief deal but prospects dim.' House Speaker Pelosi and Treasury Secretary Mnuchin were set to speak Monday.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were scheduled to speak by phone Monday afternoon to try to reach a compromise on a coronavirus relief deal, after Pelosi - for the first time - set a Tuesday deadline if additional aid is to be approved before Election Day.
..Pelosi and Mnuchin have been negotiating for months to reach a deal on another coronavirus relief package. The Democratic-led House passed a $3 trillion measure in May that Republicans refused to consider in the Senate, and recently the White House offered a $1.8 trillion compromise at which Senate Majority Leader Mitch McConnell scoffed.
And though McConnell said on Sunday that the Senate would "consider" any Pelosi-Mnuchin negotiated compromise, the GOP leader just days earlier rejected that effort out of hand and noted that most of his GOP conference would take that position, too...
https://abcnews.go.com/Politics/tuesday-deadline-pandemic-relief-deal-prospects-dim/story
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