Market roundup for Oct. 6
SAN JUAN — The U.S. stock market took a turn for the worse after President Trump announced in a series of tweets that he instructed his negotiators to stop all discussions over a stimulus package until he wins the elections.
Both Congress and the Trump administration have been at odds for months regarding a deal. The president’s stance is quite controversial as it ends the final push to approve economic relief packages before the elections, despite millions of Americans still suffering from the Covid-19 crisis.
Federal Reserve Chairman Jay Powell gave a speech at the annual meeting of the National Association for Business Economics, which was held virtually. He stated that the expansion is still far from complete. Too little government support will lead to a weak recovery at this early stage, creating hardship for households and businesses and forcing and increasing bankruptcies.
On to markets.
- The Dow Jones Industrial Average closed at 27,772.76, down 375.80 points, or 1.34%.
- The Standard & Poor’s 500 Index closed at 3,360.97, down 47.66 points, or 1.40%.
- The NASDAQ Composite Index closed at 11,154.60, down 177.88 points, or 1.57%.
- The Birling Capital Puerto Rico Stock Index closed at 1,630.63, up 67.24 points, or 4.3%.
- The U.S. Treasury 10-year note closed lower, at 0.76%.
- The U.S. Treasury 2-year note closed flat, at 0.14%.