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Stocks Drop After President Trump Calls Off Stimulus Talks

Associated Press

   Stocks turned sharply lower on Wall Street Tuesday afternoon after
   President Donald Trump ordered a stop to negotiations with Democrats on
   a coronavirus economic stimulus bill until after the election.

   The S&P index slid 1.3% after Trump tweeted his mandate. The benchmark
   index had been up 0.7% just prior to the president's announcement with
   about an hour of trading left.

   In a series of tweets about the negotiations between the White House
   and Speaker Nancy Pelosi, Trump said: "I have instructed my
   representatives to stop negotiating until after the election when,
   immediately after I win, we will pass a major stimulus bill that
   focuses on hardworking Americans and small business." He also accused
   Pelosi of not negotiating in good faith.

   The comments from the president came just hours after Federal Reserve
   Chair Jerome Powell urged Congress to come through with more aid,
   saying that too little support "would lead to a weak recovery, creating
   unnecessary hardship for households and businesses."

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