President Trump’s update on coronavirus stimulus talks didn’t seem to have the effect he was hoping for.
On Tuesday afternoon, Trump tweeted to announce he was rejecting Democrats’ coronavirus stimulus package and calling off talks on the subject until after Election Day. Despite his questionable claiming the “economy is doing well,” Trump’s announcement had the opposite effect on the stock market.
The Dow Jones Industrial Average immediately plunged more than 300 points upon Trump’s tweet, the S&P 500 fell 40 points to a session low, and the Nasdaq Composite fell nearly 150 points. All three of the indexes continued to fall ahead of the market’s Tuesday closure.
So much for Trump’s tweet declaring “the stock market is at record levels.”
…@senatemajldr Mitch McConnell not to delay, but to instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett. Our Economy is doing very well. The Stock Market is at record levels, JOBS and unemployment…
— Donald J. Trump (@realDonaldTrump) October 6, 2020
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