Stocks end lower ahead of first debate between Trump, Biden | National News

Cristopher Centers

“The market needs the economy to remain open,” said Mark Hackett, chief of investment research at Nationwide. “We can handle bumpy economic data, but markets are not priced for the economy to shut back down.” The S&P 500 index fell 16.13 points, or 0.5%, to 3,335.47, after rallying the day […]

“The market needs the economy to remain open,” said Mark Hackett, chief of investment research at Nationwide. “We can handle bumpy economic data, but markets are not priced for the economy to shut back down.”

The S&P 500 index fell 16.13 points, or 0.5%, to 3,335.47, after rallying the day before. The Dow Jones Industrial Average dropped 131.40 points, or 0.5%, to 27,452.66 and the technology-heavy Nasdaq composite lost 32.28 points, or 0.3%, to 11,085.25.

Markets are watching the November election’s impact on tax policy and how long it might take to determine the winner. The first presidential debate will likely make headlines, Hackett said, but debates generally don’t move the markets much.

“It’s going to get attention and rightfully so, but there’s so much time and motion that’s going to happen between now and November,” he said.

Investors’ confidence has been supported by infusions of central bank support into struggling economies and hopes for development of a coronavirus vaccine.

Congress still is arguing over the size of a new support package after additional unemployment benefits expired. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have agreed to hold another round of stimulus talks. However with the death of Supreme Court Justice Ruth Bader Ginsburg, Congress has redirected much of its attention to President Trump’s nominee to replace her.

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