Stocks fall on Wall Street as hopes fade for stimulus deal

October 14, 2020 3:04 PM

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA AP Business Writers

Posted: October 14, 2020 3:04 PM

Updated: October 14, 2020 3:45 PM

Stocks are closing lower on Wall Street Wednesday, extending the market’s losses from a day earlier, as talks drag on in Washington over another economic stimulus package. The S&P 500 fell 0.7% after swaying between small gains and losses earlier in the day. The White House and Congress still have differences over providing more aid to the economy. The Dow Jones Industrial Average and Nasdaq composite also fell, and markets overseas were subdued. Treasury yields were lower despite a report showing inflation at the wholesale level rose more than expected last month. Crude oil rose, sending energy stocks higher.

THIS IS A BREAKING NEWS UPDATE: AP’s earlier story appears below.

Stocks are headed lower on Wall Street Wednesday, on pace to extend losses from a day earlier, as talks drag on in Washington over another economic stimulus package.

The S&P 500 fell 0.7% in afternoon trading after spending the morning swaying between small gains and losses. The decline comes a day after it broke a strong four-day winning streak. The Dow Jones Industrial Average was down 163 points, or 0.6%, to 28,518, as of 2:55 p.m. Eastern time, and the Nasdaq composite was down 0.9% after losing an earlier gain of 0.6%.

The odds of a big support package for the U.S. economy from Washington in the near term continue to diminish. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi spoke by phone again Wednesday morning but didn’t reach an agreement, Pelosi aide Drew Hammill tweeted, adding that the two plan to speak again Thursday. Mnuchin said at a conference sponsored by the Milken Institute that it would

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