Dow sinks over 300 pts at close on slow aid bill talks

Wednesday, 18. November 2020 22:01

Major stock markets in the United States closed lower on Wednesday as there had been no substantial progress in the negotiations over new stimulus aimed to fight the crisis caused by the coronavirus pandemic. Senate Majority Leader Mitch McConnell accused the Democrats of "repeatedly blocking" the Republicans' aid proposal. Meanwhile, the Federal Reserve warned that the country's gross domestic product (GDP) could drop by 2.5% in 2020 and that the economy's recovery might slow down in the coming months.

The Dow Jones Industrial Average slumped 1.16% or 346 points at the closing as Walgreens Boots Alliance Inc. fell by 4.09%. The Nasdaq 100 declined by 0.60%, with Moderna Inc. dropping by 4.57%. The S&P 500 plunged 1.12% as Lowe's Companies Inc. decreased by 8.21%.

The euro lost 0.10% to the dollar to sell for $1.18538 at 3:57 pm ET.

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Author:
Breaking the News / JR