Indices in USA Completed the Day With a Decline After Incentive Package Announcement

Indices in USA Completed the Day With a Decline After Incentive Package Announcement Indices in USA completed the day with a decline after the announcement of the incentive package. President Trump announced that talks with the Democrats over the stimulus package that have been going on for months have stopped. US President Donald Trump has decided to stop negotiations on the stimulus package, which is expected to be implemented within the scope of combating the economic effects of the coronavirus epidemic. Following the announcements regarding this decision, indices in the country closed the day with a decline. At the close, the Dow Jones index lost more than 300 points and fell 1.34 percent to 27,772.76 points. The S&P 500 index fell 1.40 percent to 3,360.81 points, and the Nasdaq index fell 1.57 percent to 11,154.60 points. The decline recorded in the indices was influenced by the US President Donald Trump's statements that he stopped the incentive package negotiations. Trump made a statement on the subject on his Twitter account, claiming that the Speaker of the House of Representatives Nancy Pelosi asked for a $ 2.4 trillion incentive to save the states under the Democrats and that it was not related to the epidemic, said “We made a very generous $ 1.6 trillion offer. and does not negotiate in good faith as usual.” “I instructed my representatives to suspend negotiations until after the election, as soon as I win, we will implement a major incentive law focusing on hard-working Americans and small businesses.” Making a statement today, US Federal Reserve (Fed) Chairman Jerome Powell reiterated that more support is needed for the recovery of the US economy. Pointing out the continuing uncertainty over the economic trajectory, Powell said, “The risks of over-incentive appear to be less for now. Policy action will not go to waste, even if it is ultimately more than necessary.” On the other hand, according to the data released today in the USA, the foreign trade deficit increased by 5.9 percent in August compared to the previous month, reaching $ 67.1 billion and saw the highest level in the last 14 years.