Wall Street Open Sharply Lower On Downbeat Stimulus Talks
Faizan Hashmi Published October 26, 2020 | 08:00 PM
New York, (UrduPoint / Pakistan Point News - 26th Oct, 2020 ) :Downbeat comments from a White House official on the prospects of a new fiscal stimulus package for the US economy sent stocks trading much lower at the open on Monday.
About 30 minutes into trading, the Dow Jones Industrial Average was down 1.4 percent at 27,941.28.
The broad-based S&P 500 fell 0.9 percent to 3,433.34, while the tech-rich Nasdaq dropped 0.2 percent to 11,524.63.
Democrats and Republicans in Washington have tried for months to agree before the November 3 election on another massive stimulus package to help the economy recover from the Covid-19 downturn.
But there has been no agreement yet, and White House economic advisor Larry Kudlow said before markets opened that differences remain between the two sides.
"The talks have certainly slowed down, but they're not ending," Kudlow said on CNBC, while declining to make a prediction about the prospects for an agreement.
That flew in the face of expectations on Wall Street that lawmakers would eventually overcome their differences, and the nationwide surged in new coronavirus infections also dampened sentiment.
Investors are also expecting a flurry of earnings reports from major companies this week, including Ford, Pfizer, Caterpillar and 3M.
Shares of donut giant Dunkin shots up 16 percent after confirming it was in talks on a deal to be acquired by Inspire Brands and go private.
Related Topics
Recent Stories
Govt bringing reforms in energy, revenue collection, SOEs: Aurangzeb
Pakistan, New Zealand to face off in 2nd T20I match at Rawalpindi today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
Today Gold Rate in Pakistan 20 April 2024
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
More Stories From Miscellaneous
-
Transforming education sector: from job hunters to job creators
1 day ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
5 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
6 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
6 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
9 days ago -
Radio Bahawalpur to broadcast Eid programs
11 days ago
-
DC, DPO Haripur inspect bus terminals to review fares compliance
13 days ago -
Second phase of refugees’ repatriation to start after Eidul Fitr vacations
13 days ago -
Reaping bounties as Ramazan culminates
13 days ago -
Digital transformation – a boon or bane
13 days ago -
Plants’ business: Another casualty of climate change
15 days ago -
Eid shoppers prioritize children’s joy over personal comforts
15 days ago