Dow slip to session low Wednesday as Treasury Secretary Mnuchin and Pelosi hit further snags in stimulus talks

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U.S. stocks were trading near session lows Wednesday midday as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to make any progress on a coronavirus stimulus package. Speaking during the Milken Institute Global Conference on Wednesday, Mnuchin said that he and Pelosi “continue to make progress on certain issues, but on certain issues we continue to be far apart.” He also noted that Pelosi wasn’t inclined to do a standalone bill for the beleaguered airline industry, particularly hammered during this pandemic. The Dow Jones Industrial Average was off 166 points, or 0.6%, at 28,512, the S&P 500 index traded 0.7% lower at 3,487, while the Nasdaq Composite Index was off 1.1% at 11,748. An additional stimulus package for out-of-work Americans and embattled businesses has been viewed as a one of the most significant catalysts for the continued improvement of the U.S. economy and the stock market, experts have said. However, talks have been stalled for weeks and the growing expectation is that a pact won’t be struck before the end of the year.
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