Stocks finished lower Tuesday as investors were discouraged by a stalemate over fresh government aid and as bank shares declined following earnings reports.
The Dow Jones Industrial Average finished down 157 points, or 0.55%, to 28,679, the S&P 500 was off 0.63% and the Nasdaq edged down 0.1%.
House Speaker Nancy Pelosi said in a letter to her Democratic colleagues that President Donald Trump’s latest stimulus proposal of $1.8 trillion falls short of what’s needed to help Americans struggling during the coronavirus pandemic.
“Tragically, the Trump proposal falls significantly short of what this pandemic and deep recession demand,” Pelosi said in Tuesday’s letter, according to Bloomberg. “Significant changes must be made to remedy the Trump proposal’s deficiencies.”
JPMorgan Chase (JPM) - Get Report reported stronger-than-expected third-quarter earnings as the bank set aside a much lower amount to cover bad loans amid an improving domestic economy. Citigroup's (C) - Get Report third-quarter earnings also beat expectations. The shares of the banks declined 1.4% and 4.9% respectively despite the solid results.
The healthcare giant said the trial participant’s illness was being reviewed and evaluated.
"Adverse events - illnesses, accidents, etc. - even those that are serious, are an expected part of any clinical study, especially large studies,” the company said.
The company also reported third-quarter earnings of $2.20 a share, beating analysts' estimates of $1.98. And J&J raised its revenue and earnings guidance for 2020.
Eli Lilly (LLY) - Get Report finished down 2.9% after U.S. officials ordered a pause to the company's late-stage trial coronavirus treatment candidate due to potential safety concerns, the company said.
Eli Lilly was working on a therapy combination that combined with other treatments would reduce viral load, symptoms and hospitalizations from covid-19.
Apple (AAPL) - Get Report, meanwhile, launched a lineup of new, 5G-capable iPhone models.
The stock ended down 2.7%.