Wall Street slides as Mnuchin says stimulus difficult before election

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Wall Street’s main indexes fell on Wednesday as Treasury Secretary Steven Mnuchin said it was difficult that a deal on more fiscal stimulus would be reached before the presidential election in November.

FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, New York, U.S., June 26, 2020. REUTERS/Brendan McDermid 14 Oct 2020 09:45PM(Updated: 15 Oct 2020 01:35AM) Share this content

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REUTERS: Wall Street’s main indexes fell on Wednesday as Treasury Secretary Steven Mnuchin said it was difficult that a deal on more fiscal stimulus would be reached before the presidential election in November.

The downbeat comments added to the fragile sentiment following a mixed bag of quarterly earnings reports from major Wall Street lenders.

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“At this point getting something done before the election and executing on that would be difficult just given where we are and the level of detail, but we’re going to try to continue to work through these issues,” Mnuchin said at a conference sponsored by the Milken Institute.

U.S. House of Representatives Speaker Nancy Pelosi and Mnuchin had a productive discussion about relief proposals, but the administration’s lack of a national strategic testing plan remained a “major area of disagreement”, a Pelosi spokesman said. They will speak again on Thursday, he added.

“The market is a little worried about not having that extra support for the next couple of months into the holidays,” said Thomas Hayes, chairman at Great Hill Capital LLC in New York.

“This was viewed as a bridge to a full therapeutic or a vaccine (but) everything is getting delayed and without the stimulus, there’s not that short-term bridge that we needed to get to the vaccine, to get

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