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US STOCKS-Wall Street ends lower after Trump calls off coronavirus relief talks

Published 06/10/2020, 21:00
Updated 06/10/2020, 21:06
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DJI
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IXIC
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* Powell warns recovery far from complete

(Updates to close)
By Caroline Valetkevitch
Oct 6 (Reuters) - U.S. stocks fell sharply on Tuesday to
close lower after President Donald Trump said he was calling off
negotiations with Democratic lawmakers on coronavirus relief
legislation until after the election.
Stocks were higher before the remarks, but reversed course
after Trump made the comments on Twitter.
Stocks fell to a session low shortly after the tweet, taking
the S&P 500 down more than 2% from its session high.
"Much of the rally we've seen in the last week in particular
was based on hopes for an additional stimulus package," said
Robert Phipps, director at Per Stirling Capital Management in
Austin, Texas. "There's now a whole lot less reason to put money
to work before the election."
Unofficially, the Dow Jones Industrial Average .DJI fell
381.15 points, or 1.35%, to 27,767.49, the S&P 500 .SPX lost
48.15 points, or 1.41%, to 3,360.48 and the Nasdaq Composite
.IXIC dropped 179.31 points, or 1.58%, to 11,153.18.
Earlier in the session, Federal Reserve Chair Jerome Powell
warned that the U.S. economic recovery remained far from
complete.
Powell said the domestic rebound could still slip into a
downward spiral if the coronavirus is not effectively controlled
and growth sustained. Hopes that a stimulus deal was still possible had helped to
recoup losses from last week that were sparked by the news that
Trump had contracted COVID-19.
Consumer discretionary shares .SPLRCD were among the
biggest weights on the S&P 500.

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