Stocks dropped on Wall Street Tuesday after President Donald Trump ordered aides to stop negotiating with Democrats over another round of aid for the economy until after the election.
The move by the president came came just hours after Federal Reserve Chair Jerome Powell urged Congress to come through with more aid to prevent a weak economic recovery.
Tech stocks led the sell-off, which erased most of the S&P 500 index’s gains from a market rally a day earlier.
The S&P 500 fell 47.66 points, or 1.4%, to 3,360.97.
The Dow Jones Industrial Average dropped 375.88 points, or 1.3%, to 27,772.76.
The Nasdaq composite lost 177.88 points, or 1.6%, to 11,154.60.
The Russell 2000 index of small company stocks gave up 4.67 points, or 0.3%, to 1,577.29.
For the week:
The S&P 500 is up 12.53 points, or 0.4%.
The Dow is up 89.95 points, or 0.3%.
The Nasdaq is up 79.59 points, or 0.7%.
The Russell 2000 is up 37.99 points, or 2.5%.
For the year:
The S&P 500 is up 130.19 points, or 4%.
The Dow is down 765.68 points, or 2.7%.
The Nasdaq is up 2,182 points, or 24.3%.
The Russell 2000 is down 91.18 points, or 5.5%.