The S&P 500 has taken a turn for the worst as the rug is pulled from under the bulls relying on Congressional progress relating to a further stimulus bill.
In recent trade, the US Senate Majority Leader Mitch McConnell said that Republicans and Democrats are still very far apart on how much to spend on another coronavirus relief package.
"Secretary Mnuchin and the Speaker are continuing to speak, but we’re very very far apart," McConnell told reporters, referring to ongoing talks about coronavirus aid between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi.
McConnell also said Pelosi's latest proposal of $2.2 trillion was "outlandish".
The S&P 500 has dropped 1.14% in late afternoon and continues to fall at the time of writing, printing close to the session lows of 3340, at 3354.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.