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Dow Falls as Mnuchin Pulls Emergency Lending Support

Stock MarketsNov 20, 2020 01:33PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - The Dow fell Friday as worries about the economic recovery continue to mount after U.S. Treasury Secretary Steven Mnuchin said emergency lending programs that had steadied the economy during the pandemic would not be renewed.

The Dow Jones Industrial Average fell 0.0.53%, or 155 points. The S&P 500 was down 0.27%, while the Nasdaq Composite rose 0.08 %.

Mnuchin said late Thursday he does not plan to extend several crucial emergency lending programs when they expire at the end of year, raising worries about the outlook for the recovery.

The treasury secretary said the programs "have clearly achieved their objectives," but analysts questioned the timing of the move as Covid-19 cases continue to surge.

"(D)epending on the depth and duration of the second-round resurgence and the subsequent policy response, the U.S. economy could slow significantly or potentially fall back into negative territory, creating a second-round recession," Stifel said in a note.

U.S. coronavirus cases reached another daily high Thursday with 185,759 new infections, according to Johns Hopkins University data.

Against the growing backdrop of worries about the recovery, industrials, energy, and financials slipped, dragging the broader market deeper into the red.

Financials were hurt by regional banks, with W. R. Berkley (NYSE:WRB), Citizens Financial Group (NYSE:CFG) and Regions Financial (NYSE:RF) down more than 2%. A slip in U.S. Treasury yields, with the United States 10-Year TIPS falling 2%, exacerbated weakness in banks.

Energy, meanwhile, shrugged off firmer oil prices, paced by a decline in Devon Energy (NYSE:DVN) and Marathon Oil (NYSE:MRO).

Elsewhere, stay-at-home stocks like Peloton Interactive (NASDAQ:PTON) and Zoom Video Communications (NASDAQ:ZM) rose, with the latter up more than 6% as investors bet that further restrictions will keep demand elevated.

On the vaccine front, Pfizer (NYSE:PFE) rose more than 1% after confirming it would apply on Friday for emergency use authorization for its Covid-19 vaccine. The U.S. Food and Drug Administration is expected to review the request in the coming weeks, and the vaccine, if approved, is expected to be rolled out before year-end.

In other news, Boeing (NYSE:BA) was down 1% even as reports suggested the 737 Max is nearing approval in Europe.  

Dow Falls as Mnuchin Pulls Emergency Lending Support
 

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Comments (24)
Kwong To
Kwong To Nov 20, 2020 8:34PM ET
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Another finger-pointing jerk.
Steffen vdm
Steffen vdm Nov 20, 2020 8:34PM ET
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People who point at others always have three fingers pointing at themselves
Thom Miller
Thom Miller Nov 20, 2020 4:27PM ET
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Mitchell Neaffer’s profile....Hollidaysburg, PA (Altoona), only an Associates Degree, and a very low value home.....typical uneducated, impoverished Trumper from a state easily carried by Landslide Joe...
Semih Unalan
Semih Unalan Nov 20, 2020 4:10PM ET
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No worries the new administration will give all the necessary handouts. These guys are yesterday's news. No one will be sad to see these guys leave the political scene
Guidothekiller pimp
Guidothekiller pimp Nov 20, 2020 3:51PM ET
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The crapublicans have forgotten what it's like to live in the real world with bills and not much money.
Aaron Pierett
Aaron Pierett Nov 20, 2020 3:51PM ET
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if you're going to make a slight toward the Republicans at least try to be clever with the name calling
Tom Scurlo
Tom Scurlo Nov 20, 2020 3:51PM ET
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Seems there are always two to tango. So... you called out the Republicans... why not call out Nancy for not negotiating as well????
Chris Yates
Chris Yates Nov 20, 2020 3:03PM ET
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The stimulus ends 12/3/20 anyways lol. A new bill will have to be passed for 2021 stimulus. Doesn't look likely especially since Trump admin is delaying transition so they continue their cover up and document shredding hahahaha
Chris Yates
Chris Yates Nov 20, 2020 3:03PM ET
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12/31/20
Vin Run
Vin Run Nov 20, 2020 3:03PM ET
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yes
Thom Miller
Thom Miller Nov 20, 2020 2:55PM ET
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This is nothing more than the Trump administration trashing this country even more than it did over the past 46 months. Historians will have the final say....just as Nero fiddled while Rome burned, Donny piddled while the USA went down in flames. Donny will forever be known as the absolute worst POTUS the world has ever seen. Hope you’re happy with your legacy, Donny, and the same goes for your enabler thugs...the uneducated, obese, diabetic Trumper base, Pompeo, Pence, Rudy The Hair Dye Guy Giuliani, Larry The Fable Guy Kudlow, Yellow Brick Road Munchkin Man, Kellyanne, Kayleigh, Mark Covid Meadows, Ben Needs Brain Surgery Carson, Lindsey Any Man Will Do Graham, Ted My Father Did In JFK Cruz, most Republican governors, Senators, & House members, and all the Trump kids, legitimate and otherwise.
Show previous replies (7)
Tim Daly
Tim Daly Nov 20, 2020 2:55PM ET
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Josh Modern  And what do you think Joe Biteme is going to do for the economy when he raises Capitol Gains from 21 to 39% Einstein?
Thom Miller
Thom Miller Nov 20, 2020 2:55PM ET
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Ed Kutch Everyone of you!
Thom Miller
Thom Miller Nov 20, 2020 2:55PM ET
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Ryan Neal So does the woman who’s dancing with you...
Scott Barger
Scott Barger Nov 20, 2020 2:55PM ET
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move
Thom Miller
Thom Miller Nov 20, 2020 2:55PM ET
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Mitchell Neaffer In no particular order: ineffective trade tariffs & then giving farmers $50 billion as their markets dried up, calling members of the US military losers & suckers, mocking everyone but himself & his family, kissing up to dictators, backing out of several international agreements making the US’s word absolutely worthless, backing Israeli PM Bibi, who is even more crooked than Donny, holding superspreader gatherings in the WH causing dozens of people to contract the virus, having no plan to fight the virus, except encouraging his base to inject themselves with Lysol, undermining institutions such as....NATO, WHO, the US election process, the US constituition, just to name a few...., cheating on his wife, calling out federal troops to put down a peaceful protest allowed by the Ist Amendment, mocking McCain on the same day he died, abandoning DACA, locking children in cages, building a wall that Mexico never paid for, & tax breaks only for top 1%.
Ed Kutch
Ed Kutch Nov 20, 2020 2:32PM ET
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thought the law creating this lending support end 12/31. I guess you prefer him just breaking the written congressional law...as opposed to the congress doing something to keep it funded.
Gordon Steward
niagara Nov 20, 2020 2:15PM ET
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Mnuchin has been juicing the markets big time during the pandemic. Now that he knows he's finished ,its time to make the phony economy look the way is should have looked years ago.
Semih Unalan
Semih Unalan Nov 20, 2020 2:15PM ET
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How boring it must be to be a bear these days. What will the bears do once vaccines become available and the recovery extends to all sectors of the economy
Gordon Steward
niagara Nov 20, 2020 2:15PM ET
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Semih Unalan  Maybe  some of the bears will look beyond the hype of vaccines getting us back to normal ,when they realize normal is nothing more than a managed economy. An economy that without stimulus ,deficit spending and credit as a means for growth ,is nothing more than  an economic sideshow. Dow 30k anyone ?..... am i supposed to be impressed ?
Patrick Philippe
PaTT_Philippe Nov 20, 2020 2:14PM ET
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At this point they are just trying to f. things up for Biden.  Poor USA.
Tim Daly
Tim Daly Nov 20, 2020 2:14PM ET
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NO worries. You pick a senile old SOB who did nothing for 47 years and when he falls flat on his face you can blame Trump just like that poser Obama spent 8 years of the most lackluster recovery blaming Bush. You reap what you sow.
Jimmy Coyne
Jimmy Coyne Nov 20, 2020 2:01PM ET
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I guess a 16 hour old story constitutes a big red "Breaking News" banner 4.5 hours into the trading day. What a joke.
Jovanda Duhe
Jovanda Duhe Nov 20, 2020 1:55PM ET
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This is old the news just said something else
Mojo Snake
Mojo Snake Nov 20, 2020 1:55PM ET
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Don't worry poor old "all time high" Wall St will be back with their hands out begging for other stimulus because they are sooo down and out and in the gutter
Viraat Sharma
Viraat Sharma Nov 20, 2020 1:53PM ET
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Why Yesterday's News is showing at Headlines
Viraat Sharma
Viraat Sharma Nov 20, 2020 1:53PM ET
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Why Yesterday's News is showing at Headlines??
Jamie Mason
Jamie Mason Nov 20, 2020 1:53PM ET
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looks like we will be paying on our school loans again!
Robert Nchor
Robert Nchor Nov 20, 2020 1:53PM ET
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Trump and his minions trying so hard to destroy the economy before Biden takes over. How can you do that at this time now that states are locking down again?
James Bell
James Bell Nov 20, 2020 1:53PM ET
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Biden's tax hikes will finish off whatever is left of the economy.
Justin Elliott
Justin Elliott Nov 20, 2020 1:53PM ET
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you wont see Biden tax hikes for more than a year, at which point unless you make over 400k/year it should be status quo for ya. if you make more than that...good on ya, but youll pay more.
Justin Elliott
Justin Elliott Nov 20, 2020 1:53PM ET
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you wont see Biden tax hikes for more than a year, at which point unless you make over 400k/year it should be status quo for ya. if you make more than that...good on ya, but you'll pay more.
Justin Elliott
Justin Elliott Nov 20, 2020 1:53PM ET
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you won't see Biden tax hikes for more than a year, at which point unless you make over 400k/year it should be status quo for ya. if you make more than that...good on ya, but you'll pay more.
Robert Nchor
Robert Nchor Nov 20, 2020 1:53PM ET
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James Bell That is riddiculous. By the way there is nothing left. Trump destroyed it all
Jamie Mason
Jamie Mason Nov 20, 2020 1:53PM ET
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looks like we will be paying on our school loans again 😔
Ron Moorman
Ron Moorman Nov 20, 2020 1:52PM ET
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Why worry? Biden is going to take care of all of our problems right?
Naveen Rawat
Naveen Rawat Nov 20, 2020 1:52PM ET
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but wouldn;t steps like this make things harder for economy to recover ? with rampant covid spread means certainly even if business are open, folks (or at least reduced percentage) would not like to venture out and shop and dine out. in such times small business needs all the help they can get.
Víktor Mc
Víktor Mc Nov 20, 2020 1:52PM ET
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To much good news with IPO , FCEL , NANO DIMENSIONS, PALANTIR TECH. , JUMIA , CLOUDMD ,
Jacob Steinschlag
Jacob Steinschlag Nov 20, 2020 1:52PM ET
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What's the good news with FCEL? Been looking for it for days
RobinThe Hood
RobinThe Hood Nov 20, 2020 1:51PM ET
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This happened yesterday but go ahead and flash a breaking news banner.  What a joke.
Femi Odusote
Femi Odusote Nov 20, 2020 1:51PM ET
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🤣🤣🤣🤣🤣🤣
Mark Wahl
Mark Wahl Nov 20, 2020 1:51PM ET
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Lol 0.4% is hardly a “fall”. And this is pretty major event as far as news stories go
Víktor Mc
Víktor Mc Nov 20, 2020 1:50PM ET
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Boeing walking dead......
Kwong To
Kwong To Nov 20, 2020 1:50PM ET
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Sells planes that Boeing staff wouldn't dare tip toe into it.
İbrahim Kaymak
İbrahim Kaymak Nov 20, 2020 1:50PM ET
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olup
Devonta Whitworth
Devonta Whitworth Nov 20, 2020 1:50PM ET
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The ********is his problem !!!!!
 
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