Trump's announcement calling off stimulus talks sends stock market plunging
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.
Article continues belowThe Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
So much for Trump's tweet declaring "the stock market is at record levels." Kathryn Krawczyk
