Stocks Drop After Trump Calls off Talks on Economic Stimulus
Stocks dropped on Wall Street Tuesday after President Donald Trump ordered aides to stop negotiating with Democrats over another round of aid for the economy until after the election.
Investors have been clamoring for more stimulus after the economy was punched into a recession by coronavirus shutdowns. The S&P 500 index closed 1.4% lower, after being up as much as 0.7%.
The series of tweets from the president came just hours after Federal Reserve Chair Jerome Powell urged Congress to come through with more aid, saying that too little support “would lead to a weak recovery, creating unnecessary hardship."