The stock market sharply plummeted Tuesday afternoon, as investors reacted to President Trump’s announcement to stop talks over a congressional stimulus package until after the November presidential election.
At 3 p.m., roughly 10 minutes after Trump’s tweets, the Dow Jones industrial average slid nearly 371 points, or 1.3 percent. The S&P 500 index was down almost 52 points, or 1.5 percent, while the tech-heavy Nasdaq composite was down nearly 179 points, or 1.6 percent.
“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump said in one of the Tuesday afternoon tweets.
Analysts and investors have been closely following talks of stimulus bailouts as a lifeboat for Americans struggling with the weight of the coronavirus pandemic’s impact on the economy, with millions facing historically high levels of unemployment, eviction and food insecurity. That pressure on U.S. stocks has been compounded by the uncertainty of the presidential election, now less than one month away.