Dow dives more than 300 points after Trump abruptly kills COVID stimulus negotiations
Donald Trump (AFP)

In a series of tweets Tuesday afternoon, President Donald J. Trump said he is ending negotiations with congressional Democrats regarding a follow-up COVID-19 stimulus bill until after the presidential election.

Trump tweeted, “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”

Following his messaging, the Dow Jones Industrial Average traded 400 points lower, or more than 1%, after reporting an upward trend of more than 200 points earlier in the day. Similarly, CNBC reported the S&P 500 and Nasdaq Composite were lower by 1.5% and 1.7%, respectively.

Trump tweeted his condemnation of furthering negotiations after Federal Reserve Chair Jerome Powell urged Congress to come through with more aid, saying that too little support “would lead to a weak recovery, creating unnecessary hardship for households and businesses.”

“Even if policy actions ultimately prove to be greater than needed, they will not go to waste," Powell said. "The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods.”

Three hours prior, Trump touted that the economy, jobs and the stock market were in good shape "under the Trump Administration."