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The drop in Dow Jones, as well as the S&P 500 among others, draw its uncertainty from fears of the obvious stalemate in the long-expected coronavirus stimulus package.
Wall Street showed a diverse trend on Tuesday as stock indices including the Dow Jones Industrial Average (INDEXDJX: .DJI), the S&P 500 (INDEXSP: .INX), and the Nasdaq Composite (INDEXNASDAQ: .IXIC) dipped low. The Dow Jones dropped 0.55% or 157.71 points to 28,679.81, a deviation from the momentum it has sustained in the last four days. The S&P 500 also slid 0.63% which took away 22.29 points to close at 3,511.93. The Nasdaq Composite also lost 0.1% settling at 11,863.90.
The bearish rally signaled by the Wall Street indices was like a reflection of the performances of the individual stocks. Berkshire Hathaway Inc (NYSE: BRK.A) dropped 5,591.00 (1.72%) to close at $318,969.00. Apple Inc (NASDAQ: AAPL) despite debuting the iPhone 12 in an online event on Tuesday saw its shares slid by 2.65% at the close of trading on Tuesday but this loss is currently being corrected at the pre-market where Apple shares are trading 0.16% higher.
Boeing Co (NYSE: BA), Nike Inc (NYSE: NKE), and Starbucks Corporation (NASDAQ: SBUX) all lost 3.11%, 0.20%, and 0.68% respectively. While the losses are profound, some stocks show positive performance on Tuesday including the likes of Tesla Inc (NASDAQ: TSLA) added $4.35 at 0.98% to close at $446.65. Moderna Inc (NASDAQ: MRNA) surged 3.96% to close $78.29 higher.
Dow Jones and S&P 500 Slid Stirred by Stimulus Negotiation Hitch
The drop in Dow Jones, as well as the S&P 500 among others, draw its uncertainty from fears of the obvious stalemate in the long-expected coronavirus stimulus package. As Coinspeaker.com reported earlier, President Donald Trump made what he called ‘a generous $1.6 trillion offer’ which the democrats led by House Speaker Nancy Pelosi are unwilling to consider in good faith. This tanked the Dow Jones by 375 points and the S&P 500 by 1.4% on Oct. 6.
In a letter to Democrats in the congress, Nancy Pelosi gave an inclination for why she is unwilling to accept the President’s offer which includes among other reasons, an inadequate subvention to tackle the currently ravaging COVID-19 issues. The vocal speaker noted that with more than 50,000 cases of the virus being reported on a daily basis across the country, Trump’s COVID-19 budget of $45 billion which represents just about 60% of what is needed to scientifically fight the virus is inadequate.
Though the speaker acknowledged that there are differing views about the allocation of funds in the President’s proposal, the COVID-19 package appears to be the one of worrying concern. Hopefully, a compromise will be made in subsequent meetings ahead of the general elections as a positive outcome will not only help in the supposed fight against COVID-19 but will also help struggling American families in the weeks to come.