On Friday, with 79,303 new cases, Wall Street took a dive with hopes for a new round of fiscal aid and an increase in the number of new coronovirus cases.
The Dow Jones Industrial Average fell more than 720 points in the morning, with the S&P 500 down 1.97 percent and the Nasdaq Composite down 1.6 percent.
The total number of coronovirus cases has now reached 8.6 million, with more than 225,000 deaths and an increasing number of hospitals.
White House Chief of Staff Mark Meadows told CNN on Sunday that the Trump administration would “beat” the “epidemic”, because we are Americans. “
“What we need to do is make sure we fight it with therapeutics and vaccines, taking appropriate mitigation factors in case of social disturbances and undercover when we can”. “It is a contagious virus like the flu.”
A new round of fiscal aid for millions of families affected by the coronovirus epidemic has also led to a stock drop amid hopes of a final settlement.
White House economic adviser Larry Kudlow told CNBC Monday morning that talks between House Speaker Nancy Pelosi, D-California and Treasury Secretary Steven Menuchin have certainly slowed. “We are close, but there are still important policy issues that separate us.”
“I think the recovery, though there’s a lot of work to do … most people thought that might be moving forward,” Kudlow said.
The travel and hospitality sector took the biggest hit on Monday, with the morning trading session down 5.5 percent, American Airlines down 6 percent, and Norwegian Cruise Lines nearly 9 percent.
After SAP, as one of Europe’s leading software companies, tech stocks also declined, cutting their outlook amid signs of 2020 that businesses are pulling back their spending.
It is the final full week before election day, and the economy is a priority for both presidential candidates as they conclude their campaigns amid a backdrop of rapidly growing economic uncertainty.
A growing number of Wall Street participants are concluding that a “blue wave” in November is the country’s best shot at economic recovery. While markets generally support lower tax rates and regulatory rollbacks that are the hallmark of a Republican administration, unprecedented job losses and economic disruption resulting from the coronovirus epidemic have led many market watchers to conclude that a combined The government may be better equipped to provide critical fiscal support a bitterly partisan Congress cannot.