Stocks drop after President Trump orders stop to negotiations with Democrats over another round of stimulus

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Tuesday, October 6, 2020
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The Democratic-controlled House is moving on a separate track to overrun GOP opposition and pass a $2.2 trillion

Stocks dropped suddenly on Wall Street Tuesday afternoon after President Donald Trump ordered a stop to negotiations with Democrats over another round of stimulus for the economy, which has been punched into a recession by shutdowns related to the coronavirus pandemic.

The Dow Jones Industrial Average swung instantly from a gain of about 200 points to a loss of about 300 points.

The series of tweets from the president came just hours after Federal Reserve Chair Jerome Powell urged Congress to come through with more aid, saying that too little support "would lead to a weak recovery, creating unnecessary hardship for households and businesses."

"I am rejecting their......request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," he tweeted.

He said he was urging Mitch McConnell "to instead focus full time on approving" his Supreme Court pick Amy Coney Barrett.