Tue, 22 Sep 2020

NEW YORK, New York - U.S. stocks have fallen across the board on Tuesday as a deal between Democrats and Republicans on a stimulus package were stalled for another day.

U.S. Senate Republican leader Mitch McConnell told told Fox News that there had been no negotiations by anyone with the White House on the subject on Tuesday

"We're sitting here close to the all-time highs in the S&P 500, so any potential negative headline like that can cause a hiccup," Michael O'Rourke, chief market strategist at JonesTrading in Stamford, Connecticut told Reuters Thomson Tuesday.

"If Congress underestimates the economic tidal wave that is coming, even by the smallest of margins, we are all going to be swept away," Illinois State Treasurer Michael Frerichs said Tuesday.

The `Nasdaq bore the brunt of selling Tuesday.

Wedbush trader Joel Kulina told Reuters Thomson, concerns about the stalemate in stimulus negotiations added to pressure to sell recently strong performing tech stocks.

"It just feels like an acceleration of the growth unwind that started last Friday. Today marks day three of the unwind out of growth," Kulina said. "But I'm not seeing panicking."

At the close of trading Tuesday, the Dow Jones Industrial Average was down 104.53 points, or 0.38%, ar 27,686.91.

The Standard and Poor's 500 declined 26.78 points, or 0.80%, to 3,333.69.

The Nasdaq Composite shed 185.53 points, or 1.69%, to 10,782.82.

On foreign exchange markets the U.S. dollar rose across the board, gains however were ever so light.

The euro finished the day in New York Tuesday around 1.1742. The British pound dipper to 1.3057. The Japanese yen softened to 106.52, while the Swiss franc eased to 0.9173.

The Canadian dollar was virtually unchanged at 1.3301. The Australian and New Zealand dollars each dropped around a quarter-of-a-cent to 0.7142 and 0.6575 respectively.

Overseas equity markets were buoyant Tuesday. The FTSE 100 in London advanced 1.71%. The German Dax was up 2.04%, while in Paris, the CAC 40 gained 2.41%.

On Asian markets, China's Shanghai Composite fell 38.96 points or 1.15% on Tuesday to end the day at 3,340.29.

Hong Kong traded briskly, with most shares making robust gains. The key Hang Seng index advanced 513.25 points or 2.11% to 24,890.68.

In Japan the Nikkei 225 jumped 420.30 points or 1.88% to 24,890.24.

The Australian All Ordinaries climbed 25.00 points or 0.40% to 6,272.10.

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