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US: Market slides as stimulus prospects dim

Capital Market 

The US stock market finished session firmly into negative territory on Wednesday, 14 October 2020, as US Treasury Secretary Steven Mnuchin down played the chances of striking a stimulus deal before the election.

At closing bell, the Dow Jones Industrial Average index declined 165.81 points, or 0.58%, to 28,514.00. The S&P 500 index fell by 23.26 points, or 0.66%, to 3,488.67.

The tech-heavy Nasdaq Composite Index dropped 95.17 points, or 0.8%, to 11,768.73.

Treasury Secretary Steven Mnuchin said that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas.

Downbeat comments from Treasury Secretary Steven Mnuchin that deal would not likely be made before the vote added to fragile sentiment following a mixed bag of quarterly earnings reports from major Wall Street lenders.

Shares of Bank of America (-5.3%) and Wells Fargo (-6%) dipped after disappointing quarterly results.

Shares of UnitedHealth Group dropped 2.9% on concerns over the pandemic's impact on its earnings.

Goldman Sachs shares rose by 0.2% after reporting that its quarterly profit surged by 94%.

Shares of Concho Resources soared 10.2% on reports that ConocoPhillips is in talks to acquire the company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 15 2020. 09:58 IST