Wall Street loses hope on financial aid and falls

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Wall Street loses hope on financial aid and falls




A man walks in front of the New York Stock Exchange (NYSE) in Manhattan, New York, on October 5, 2020


© Angela Weiss
A man walks in front of the New York Stock Exchange (NYSE) in Manhattan, New York, on October 5, 2020


Wall Street ended in negative territory on Wednesday following statements by US Treasury Secretary Steven Mnuchin, who hinted that a new economic stimulus plan would not be voted on before the November presidential election.

Thus, the main Dow Jones Industrial Average index lost 0.58% to 28,514.00 points.

The Nasdaq technology lost 0.80% to 11,768.73 points and the expanded S&P 500 index lost 0.66% to 3,488.67 units.

“When Mnuchin commented on the recovery plan, it had an impact on the market, which began to decline,” described Prudential Financial’s Quincy Krosby after the stock market opened slightly higher.

Mnuchin said Wednesday that despite some progress, an agreement has not yet been reached with Democrats on a new stimulus package for the economy affected by the pandemic.

“We continue to make progress on certain issues, (but) on some issues we are still very far away,” Mnuchin said at a virtual economics conference.

Democrats and Republicans have been mired for months in discussions about new measures to restore the expired $ 2.2 trillion package of CARES law passed in March when the pandemic hit the United States.

Mnuchin, who is leading the negotiations on behalf of President Donald Trump, said he had a lengthy conversation Wednesday with his Democratic counterpart, House Speaker Nancy Pelosi.

However, the parties do not agree on how much to spend or how to do it. Democrats demand to help states and local governments more exposed to the economic damages of the pandemic.

dho / lo / mr / lp

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