Stocks Drop After Mnuchin Remarks on Stimulus
October 14, 2020 @ 19:42 +03:00
Stocks fell after Treasury Secretary Steven Mnuchin said that getting a stimulus deal done before the Nov. 3 election will be difficult. While thereâ€™s been progress on certain issues, Mnuchin said stimulus talks are still far apart on others. House Speaker Nancy Pelosi had a â€śproductiveâ€ť talk about potential stimulus with the Treasury Secretary this morning, according to her spokesman, who added they will will speak again Thursday.
â€śItâ€™s important we get something done, but itâ€™s not fatal for the economy if we donâ€™t get something right way, it just means things will be slower,â€ť said Keith Lerner, chief market strategist at SunTrust Advisory Services. â€śWeâ€™re in a little bit of a digestion, itâ€™s early on earnings. We just have a short-term tug of war as markets brace to get a better picture of the earnings story.â€ť
These are some of the main moves in markets:
The S&P 500 fell 0.6% as of 12:04 p.m. New York time.The Stoxx Europe 600 Index was little changed.The MSCI Asia Pacific Index was little changed.
The Bloomberg Dollar Spot Index decreased 0.2%.The euro advanced 0.1% to $1.1755.The British pound increased 0.7% to $1.303.
The yield on 10-year Treasuries fell one basis point to 0.72%.Germanyâ€™s 10-year yield dipped two basis points to -0.58%.Britainâ€™s 10-year yield decreased two basis points to 0.221%.
The Bloomberg Commodity Index advanced 0.2%.West Texas Intermediate crude increased 1.5% to $40.82 a barrel. Gold strengthened 0.9% to $1,907.55 an ounce.
Stocks Drop After Mnuchin Remarks on Stimulus: Markets Wrap, Bloomberg, Oct 14