Markets dived in the final hour of intraday trading Tuesday after President Donald Trump tweeted that he has instructed his representatives to cease stimulus negotiations until after the November Presidential election.
Trump, who returned to the White House from Walter Reed Military Medical Center Monday following testing positive for coronavirus, tweeted that House Speaker Nancy Pelosi is not acting in good faith. "We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their request and am looking to the future of our country," Trump said.
Trump added that he will push forward a "major Stimulus Bill that focuses on hardworking Americans and Small Business" following the results of the election.
Pelosi had been in talks with Treasury Secretary Steven Mnuchin for over a week following the House passage of a revised $2.2 trillion Heroes Act.
Trump said instead of stimulus, the Senate should instead focus on the approval of his Supreme Court nominee Amy Coney Barrett.
Responding in a statement, Speaker of the House Nancy Pelosi said the President is putting himself over the country. “Walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus, as is required by the Heroes Act. He shows his contempt for science, his disdain for our heroes," Pelosi said.
Markets immediately plummeted following the tweet, having risen in recent sessions on stimulus optimism. The Dow, Nasdaq, and S&P 500 all declined to the lows of the day within the final hour of trading.
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