Stocks Drop With Stimulus on Hold as Banks Slump: Markets Wrap

(Bloomberg) — Stocks fell on speculation that a rally to a six-week high has outpaced prospects for a quick end to the stalemate over economic stimulus. Treasuries and the dollar climbed.



A pedestrian wearing a protective face mask is reflected in an electronic stock board outside a securities firm in Tokyo, Japan, on Thursday, Sept. 17, 2020. Japanese stocks were set for their fourth straight weekly gain, the longest winning streak since November, as investors moved back in following this week’s central bank rate decisions at home and in the U.S.


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A pedestrian wearing a protective face mask is reflected in an electronic stock board outside a securities firm in Tokyo, Japan, on Thursday, Sept. 17, 2020. Japanese stocks were set for their fourth straight weekly gain, the longest winning streak since November, as investors moved back in following this week’s central bank rate decisions at home and in the U.S.

Banks led losses in the S&P 500 after JPMorgan Chase & Co. said its surprisingly-good reserve release didn’t reflect a better view of the economy and Citigroup Inc. reported a jump in costs. Tech shares outperformed as Amazon.com Inc. and Apple Inc. hold key events. Delta Air Lines Inc. tumbled as a decision to delay $5 billion

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Stock market news today: Dow, S&P fall on Trump’s COVID-19 test, tech slump

  • US stocks sank on Friday after President Donald Trump and First Lady Melania Trump said they both tested positive for COVID-19.
  • The diagnosis adds more uncertainties to the final month of a presidential race already expected to fuel outsize market volatility.
  • While some sectors pared losses and swung higher, falling tech stocks dragged on major indexes and led the Nasdaq composite to underperform its peers.
  • Investors also faced off against weakening economic data. US businesses added 661,000 nonfarm payrolls in September, according to the Bureau of Labor Statistics. That’s less than economists’ expectation of 859,000 payrolls.
  • Oil futures continued to slide below the $40 support level. West Texas Intermediate crude dropped as much as 5.4%, to $36.63 per barrel.
  • Watch major indexes update live here.

US equities tumbled on Friday after President Donald Trump and First Lady Melania Trump announced they both tested positive for COVID-19.

Trump was tested late

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Chinese automakers show off concept sportscars, amid auto market slump

GAC unveiled its electric sports car prototype on Sept. 26, 2020, at the Beijing auto show.

Evelyn Cheng | CNBC

BEIJING — Some of the flashiest items Chinese companies had on display at the first major auto show since the coronavirus pandemic were concept sports cars.

While vehicle sales for state-owned Guangzhou Automobile Group (GAC) fell 9.87% from a year ago in the first eight months of 2020, following a decline of nearly 4% last year, the company has been developing an electric sports car called “Enpulse.”

The company revealed the glimmering metallic vehicle to media on Saturday at the Beijing auto show, which was delayed by five months due to the outbreak of Covid-19. 

The convertible electric sports vehicle features a yellow interior with striped pink sections, evoking a rainbow. The car was developed by GAC’s global design team, particularly designers from the company’s Los Angeles office, according to

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