Wall Street slips as stimulus uncertainty drags on

On Monday, the main indexes of Walk Street slipped as the investors distressed that they may not witness a COVID-19 stimulus deal prior to the presidential election on 3 November.

Nancy Pelosi, White House Speaker, on Sunday said that optimistic legislation can be dealt with before the presidential election; however a deal will have to be signed by Tuesday for this to happen.

Strategist Shawn Synder, Citi’s head of investment strategy, said that while most of the investors think that there would be one coronavirus relief bill, they do not know when that will really happen and hence would like to get some clarity on that soon.

On Monday, a spokesperson informed Fox News that White House was optimistic that Nancy was heading ahead tomaking an agreement.

However, this was post previous week when White House had proposed one $1.8tn economic stimulus package which Nancy had declined as it was short of her demand of $2.2tn in aid.

Nasdaq Composite fell to 11,584.88 points, Dow Jones Industrial Average dropped to 28, 407.08 points while S&P 500 dropped to 3,454.15 points.

The fear of Wall Street increased for a 6th session straight as the election campaigns went on explicitly.

On Thursday, US President Donald Trump as well as Joe Biden, his Democratic challenger will be debating for one last time.

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