[ad_1]
LAST UPDATE: 23:20
Wall Street indices fell for the second day in a row, following comments from US Treasury Secretary Steven Mnuchin, who lowered expectations of a stimulus package for the US economy ahead of the November 3 elections, subverting the soft market gains.
The industrial index Dow Jones lost 165 points or 0.58% to 28,514 points, while or S&P 500 it fell 23 points or 0.66% to 3,488 points. The technological Nasdaq it lost 95 points or 0.8%, closing at 11,768 points. Shares of Amazon fell more than 2%, with most of Big Tech falling.
Mnuchin said it was difficult to reach an agreement on measures to boost the economy before the elections, adding that the two sides were still far apart on some issues. However, he noted that Democrats and Republicans are making progress in some areas.
The US Finance Ministry’s comments follow the recent White House proposal for a $ 1.8 trillion support package. that House Speaker Nancy Pelosi described as insufficient in terms of what is needed. On Tuesday, Majority Leader Mitch McConnell said the Senate would vote this month on a limited support package intended to relieve employees by providing, among other things, funds for the Small Business Loan Program (Protection of paychecks). Program).
Business
Meanwhile, investors are still processing corporate results.
Bank of America beat analyst estimates for third-quarter earnings, although revenue fell short of expectations, while Goldman Sachs earnings were better than estimates.
PNC Financial Services Group also announced an increase in earnings, while at the same time loss forecasts fell significantly in the last quarter. Wells Fargo, on the other hand, lost estimates and announced a 56% drop in profits.
The results from JPMorgan Chase and Citigroup were announced on Tuesday, with the two banks warning that the economy continues to face significant challenges amid the coronavirus crisis, and that the risk of business and household bankruptcies remains significantly higher.
Coronavirus is a problem
The evolution of the pandemic in the US, with many states again seeing a rapid rise in new cases, continues to worry investors. Daytime cases again surpassed the psychological level of 50,000, while the number of patients with Covid-19 disease rose to the highest level since August 29, raising concerns that the uncontrolled spread of the coronavirus will lead to containment measures. , intensifying the pressure. in economic and business recovery.
Meanwhile, investors continue to monitor progress in the development of treatments and vaccines for the coronavirus. The US pharmaceutical company Eli Lilly announced Tuesday that it would suspend clinical trials on a treatment for Covid-19 due to safety concerns. For its part, Johnson & Johnson said it would soon learn whether it could resume testing its coronavirus vaccine, which it suspended due to a volunteer illness.
