Catch up on the developing stories making headlines.NEW YORK -- Stocks are slumping sharply in midday trading on Wall Street Monday and deepening last week’s losses, as a troubling climb inThe S&P 500 was 2.1% lower and on track for its worst day in more than a month. The Dow Jones Industrial Average was down 717 points, or 2.5%, at 27,618, as of 11:18 a.m. Eastern time, and the Nasdaq composite was down 1.7%.
Hopes are fading, meanwhile, that Washington will be able to deliver more support for the economy anytime soon. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke several times last week on a potential deal to send cash to most Americans, restart supplemental benefits for laid-off workers and provide aid to schools, among other things.
“While we are seeing nations attempt to stifle the spread of the virus through more localised and tentative restrictions, it seems highly likely that we will eventually see a swathe of nationwide lockdowns if the trajectory cannot be reversed,” said Joshua Mahony, senior market analyst at IG in London.
But momentum has slowed recently after a prior round of supplemental unemployment benefits and other stimulus that Congress approved earlier this year expired. Amazon inched up 0.1% for what was actually one of the biggest gains in the S&P 500, while Apple lost an early gain to fall 0.6%. Expectations are high for them, and analysts say they'll report strong results for their latest quarter this week. They and other Big Tech stocks have soared through the pandemic on hopes their growth will only continue as work-from-home and other trends that benefit them accelerate.
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But we're rounding the corner!
Trumps market that he brags about is now up a whopping 3.7% since he spiked the market with his 40% corporate tax cut in January 2018. He bought the market, and has gained a pathetic 1.2% a year!
oh, and the priced in stimulus ain't coming.
Meanwhile VP the head of the task force campaigns like nothing to see here folks!!!! 🙄
WhiteHouse...
Oh boy! We are in such deep dookey!
🎃🎃🎃contactless
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