Wednesday, 12 Aug 2020 06:58 AM MYTNEW YORK, Aug 12 — US stocks closed lower yesterday, with the S&P 500 and Dow snapping a seven-day streak of gains and falling late in the session on growing uncertainty about breaking a stalemate in Washington over a fiscal stimulus deal.
Investors have been hoping Republicans and Democrats will resolve their differences and agree on another relief programme to support about 30 million unemployed Americans, as the battle with the virus outbreak was far from over with US cases surpassing five million last week. Wedbush trader Joel Kulina said concerns about the stalemate in stimulus negotiations added to pressure to sell recently strong performing tech stocks.
The Dow Jones Industrial Average fell 104.53 points, or 0.38 per cent, to 27,686.91, the S&P 500 lost 26.78 points, or 0.80 per cent, to 3,333.69 and the Nasdaq Composite dropped 185.53 points, or 1.69 per cent, to 10,782.82. Ultra-low interest rates, trillions of US dollars in stimulus and, more recently, a better-than-feared second-quarter earnings season have allowed all three of Wall Street's main indexes to recover.
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