20:56 GMT20 October 2020
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    The US stock market took a dive on Tuesday, shortly after US President Donald Trump announced via social media that the "economy is doing very well" and he had ordered an end to stimulus negotiations until after the presidential election.

    At closing, the Dow Jones Industrial Average index, which had previously enjoyed a 205-point gain, fell by 375.88 points, or 1.3%, whereas the S&P 500 plummeted 1.4%. The Nasdaq Composite dropped by 1.6%.

    The New York Stock Exchange saw the indices instantly take a plunge into red territory after Trump revealed that he'd called on officials to end all COVID-19 stimulus talks.

    "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," he said at 2:48 p.m. local time, less than two hours before the day's trading was set to close. 

    Trump also detailed that he asked Senate Majority Leader Mitch McConnell (R-KY) to "focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett." 

    "Our Economy is doing very well. The Stock Market is at record levels, JOBS and unemployment ... also coming back in record numbers. We are leading the World in Economic Recovery, and THE BEST IS YET TO COME!" 

    "Today, once again, President Trump showed his true colors: putting himself first at the expense of the country, with the full complicity of the GOP Members of Congress," House Speaker Nancy Pelosi (D-CA) said in a statement published 30 minutes before the stock market closed Tuesday.

    "Walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus, as is required by the Heroes Act."

    She contended that the US president “refuses to give real help to poor children, the unemployed and America’s hard working families.”

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    Tags:
    Mitch McConnell, Nancy Pelosi, economic stimulus, stocks, stock market, Donald Trump
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