Wed, 02 Dec 2020

NEW YORK, New York - Continued disagreement over an additional stimulus package has weighed on Wall Street, with all the major indices recording solid losses on Monday.

House Speaker Nancy Pelosi said Sunday if agreement on a new package was not reached by the close of business Tuesday, then it would be impossible to get a deal passed prior to the presidential election in two weeks time.

"The lack of news on stimulus is worrisome compounded by worsening virus trends and uncertainty ahead of the elections," Mona Mahajan, U.S. Investment Strategist, Allianz Global Investors, New York told the Reuters Thomson news agency Monday.

"There's a decent case that regardless of who wins if stimulus doesn't happen before the election it'll happen afterward, with (virus) cases rising again stimulus will be important," she added.

The Dow Jones industrials closed Monday down 410.89 points, or 1.44 percent, at 28,195.42.

The Standard and Poor's 500 fell 56.89 points, or 1.63 percent, to 3,426.92.

The Nasdaq Composite lost 192.67 points, or 1.65 prcent, to 11,478.88.

The U.S. dollar was mixed. The euro zoomed up to 1.1767 by the New York close Monday.

The British pound edged up to 1.2941. The Japanese yen was unchanged at 105.43. The Swiss franc was solidly higher at 0.9104.

The Canadian dollar inched down to 1.3191. The Australian dollar fell to 0.7062. The New Zealand dollar was lower at 0.6603.

In London, the FTSE 100 was down 0.58 percent. The German Dax added 0.07 percent. In Paris, the CAC 40 climbed 0.12 percent.

On Asian markets Monday, China's Shanghai Composite fell 23.69 points or 0.71 percent to 33,312.67.

The Nikkei 225 in Tokyo rose 260.50 points or 1.11 percent to 23,671.13.

The Australian All Ordinaries was ahead 50.60 points or 0.79 percent at 6,435.60.

In Hong Kong the Hang Seng closed 141.36 points or 0.58 percent higher at 24,528.15.

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