Posted on 10/26/2020 8:30:47 AM PDT by Yo-Yo
Stocks decline sharply as coronavirus infections surge and stimulus negotiations remain at a stalemate.
Stocks declined sharply Monday to kick off a week heavy with earnings from U.S. tech giants as coronavirus infections surged, stimulus negotiations remained at a stalemate and investors prepared for the presidential election just more than a week away.
The Dow Jones Industrial Average dropped 721 points, or 2.55%, to 27,613, the S&P 500 tumbled 2.15% and the Nasdaq slumped 1.73%.
Stocks closed mostly higher Friday but the S&P 500 fell 0.5% for the week, its first weekly loss in four, after negotiations between the White House and House Democrats on more economic aid for the struggling U.S. economy didn't make much headway. The Dow declined 1% for the week and the Nasdaq fell 1.1%.
House Speaker Nancy Pelosi said Sunday the House could pass a relief package this week but "that's up to (Senate Majority Leader) Mitch (McConnell) as to whether it would happen in the Senate and go to the president's desk, which is our hope and prayer."
Pelosi said she sent the White House a list of remaining concerns she had on Friday and hopes to have answers on Monday.
White House economic adviser Larry Kudlow told CNBC Monday that while stimulus talks had slowed down they were still ongoing.
Meanwhile, coronavirus infections in the U.S. hit a single-day record of 85,000 on Saturday. Deaths in the U.S. have passed 225,200, according to Johns Hopkins University.
The World Health Organization’s director general, Dr. Tedros Adhanom Ghebreyesus, said the northern hemisphere faces a “dangerous moment” as Covid-19 cases have surged.
"As the market braces for a pretty action-packed week ahead, the ground may seem a bit shaky as the (S&P 500) broke a three-week winning streak, Covid cases are ramping up, and stimulus relief is still a big question mark," said Chris Larkin, a managing director at E*Trade. "But for some perspective, all in all, October hasn’t totally lived up to its notoriously volatile reputation, so far. And with the election about a week away, November could take the cake when it comes to volatility depending on timing of the outcome."
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Data from Refinitiv said third-quarter earnings will fall 16.7% from last year to a share-weighted total of $287.8 billion, before contracting by around 12.4% during the fourth quarter. Of the 135 companies reporting so far this quarter, 83.7% have beaten Wall Street forecasts, well ahead of the typical pace of about 70%.
Dunkin' Brands (DNKN) - Get Report confirmed it was in talks to be acquired by Inspire Brands, which is owned by private-equity firm Roark Capital.
NO This stimulus that Nancy wants INCLUDES national ballot harvesting, stimulus money for illegals, AND bailing out blue state that have continued to remain closed people are suffering because these governors REFUSE to open their states WHY should hard working tax payers pay for this BS!!!
This is as much about oils getting hammered as it is anything. THAT is all the result of plugs remarks about hammering the industry.
A successful economy is not managed by lurching about but by steady transitional changes driven my markets and not politicians.
For everybody who think they do not own stocks, check your retirement funding because you do own stocks, lots of them. That is unless you are a gooberment employee and your retirement is largely funded by stealing it from tax payers who can’t afford the gold plated benefits you get. Someday maybe the tax paying fools will wake up and you should be afraid that they might.
Historically there is almost always a dip prior to elections AND a dip in late December/early January. Charts can be your friend sometimes.
Yes this dip is probably helped by folks wishing to create a cratered economy and desiring a “Reset” and the 2030 agenda.
Even most state and local pension plans are funded with investments in stocks.
Remember the California Pension System being one of the first to jump onto the "divest" bandwagon with South Africa.
Good opportunity to buy. The ‘surge’ is meaningless. Deaths are dropping. This will end on Nov.4Th!
You keep posting that garbage! The Bill was filled with Democratic handouts. Trump wouldn’t have signed it!
No, he cannot bail out the Blue States who continue their shutdowns and riots. We are going to win this election easily.
Totally agreed! Open up the Blue States!
Trump told McConnell to pass a big bill - with stimulus checks for the unemployed. If you call that garbage, your issue is with Trump not me
McConnell refused. He sponsored a bill - but no checks for the unemployed
Anyway, McConnell and the GOPee love sheeple like you who make excuses for them.
Of course. I was avoiding arguments since in theory they can lose it all and stick the taxpayers
All my recent deposits I kept in cash.
Thanks. You posted what I was about to post.
Or a good day to die.
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