- The Dow Jones fell just 6 points in the middle of the week.
- The uncertainty about the economic talks led to a restless trading day on the US stock exchange.
- Donald Trump warns Dow Bulls again of a Biden presidency.
The Dow Jones traded flat on Wednesday as uncertainty about the stimulus remains. In addition to the cautious sentiment, President Donald Trump’s efforts to scare investors of a stock market crash if Joe Biden is elected contributed to a troubled day of trading on the U.S. stock exchange.
Dow Jones Flat as a stimulus speaks about progress
All three major US stock market indices were trading almost unchanged in the middle of the week as the Dow Jones fell slightly into the red and the Nasdaq and S&P 500 posted a small gain of 0.2%.
The United States again saw no high-level economic data today, with little overlooked stock of crude oil by investors.
Instead, as was the case for much of the week, The progress of the business talks has dominated the newswire. A relentless stream of headlines was full of optimism and extremely easy on anything concrete. While Nancy Pelosi and the White House appear to both want a substantial stimulus package, even if an agreement can be reached, opposition from Senate Republicans could limit progress.
Senate Democrats blocked McConnell’s “thin” $ 500 billion bill with a filibuster around noon.
The Dow rebounded sharply after White House Chief of Staff Mark Meadows claimed they were hoping for a deal in 48 hours, but subsequent volatility showed how uncertain that outcome still is. Allyssa Farah, White House communications director, gave perhaps the most detailed overview of the current state of the talks, stating in recent comments:
“The position of the president is that we are ready to increase the number of PPP loans and direct payments. Some of the problems still concern state and local problems [funding] and some of the other problems, but we’re at the table. Conversations take place. I think it’s the best place we’ve ever been. “
Despite the efforts of politicians, Goldman Sachs issued a notice calling on investors “Don’t hold your breath” while waiting for a stimulus. That didn’t stop Larry Kudlow from making his rounds as head of the market.
Check out his last interview in the video below.
Wall Street cannot ignore the election, which is only weeks away. There have been good and bad signs for both camps, although Biden’s Iowa drawing level will be particularly worrying for the Trump campaign.
To scare the Dow and the undecided voters, Trump focused his morning tweetstorm on Biden’s tax plan.
While investors are extremely confident about the prospect of migration under democratic government, this is definitely not the first time Trump has warned cops of a stock market crash if Biden is elected president.
Check out the video in which CNBC reveals which candidate for the US stock market is actually better.
Dow 30 stocks: travelers rise again, Goldman Sachs dives
On an extremely mixed day at the Dow 30 Traveler stocks rose for a second straight dayby over 5%. The TRV share recorded in Tuesday’s outstanding earnings report a huge drop in earnings in the third quarter.
At the other end of the Dow Jones, Goldman Sachs was a straggler, falling -2.2%. There wasn’t much volatility elsewhere in the index, as Apple stock fell 0.4% and the most weighted UnitedHealth was trading virtually unchanged on the day.