US closes lower after govt says relief bill unlikely

Wednesday, 14. October 2020 22:00

United States stock indexes finished the trading day below the flatline for the second day in a row on Wednesday. Investor sentiment was soured after Treasury Secretary Steven Mnuchin stated that it was unlikely that a fourth coronavirus relief bill will be passed before the presidential elections. President Donald Trump claimed that the US economy's growth in 2021 will allow the country to address its growing federal debt. However, Federal Reserve's Richard Clarida warned that the gross domestic product will probably need more than a year to return to pre-pandemic levels.

The Dow Jones Industrial Average surrendered 0.58% as UnitedHealth Group Inc. fell 2.89%. The Nasdaq 100 lost 0.81%. Illumina Inc. was the worst performer, decreasing 4.35%. The S&P 500 tumbled 0.66%. Wells Fargo & Co. and Bank of America Corp. dropped 6.00% and 5.33% respectively.

The euro was flat against the dollar at 3:59 pm ET, trading for $1.17534. The pound jumped 0.72% concurrently to sell for $1.30294.

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Breaking the News / MD