US Stocks Move Lower 09/29 10:12
Stocks moved lower in mid-morning trading Tuesday, as the market cooled off
from the rally the day before and as investors waited for the debate between
President Donald Trump and Democratic challenger Joe Biden.
(AP) -- Stocks moved lower in mid-morning trading Tuesday, as the market
cooled off from the rally the day before and as investors waited for the debate
between President Donald Trump and Democratic challenger Joe Biden.
The S&P 500 index was down 0.3% after briefly flirting with mild gains in
the early going. The Dow Jones Industrial Average was down 0.4% as of 11 a.m.
Eastern. The technology-heavy Nasdaq composite was down 0.3%.
Banks, energy companies and stocks that depedn on consumer spending had some
of the biggest losses, while several big technology and communications
companies were higher.
Technology stocks, which have long been the driver of this year's stock
market moves, were mostly higher. Advanced Micro Devices, Twitter and Facebook
were all up roughly 1%, although the stock had been higher at the opening of
Investors are waiting for Tuesday's 90-minute televised Trump-Biden debate.
The debate comes as coronavirus deaths worldwide crossed 1 million. Cases in
the U.S. are on the rise again as states attempt to reopen schools and
factories. Tens of millions of Americans remain out of work.
Markets are watching the November election's impact on tax policy and how
long it might take to determine the winner.
"With a reasonable polling lead, one could argue that Joe Biden has more to
lose here than President Trump," said Robert Carnell of ING in a report. He
noted that with some potential for gaffes or other colorful moments, the debate
might be "cringe-worthy but unlikely to deliver an electoral car-crash for
Investors' confidence has been supported by infusions of central bank
support into struggling economies and hopes for development of a coronavirus
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