U.S. stocks finished lower Tuesday as investors reacted in part to a lack of a progress toward a fresh coronavirus aid package and investors awaited a policy update from the Federal Reserve at the conclusion of their gathering on Wednesday. The Dow Jones Industrial Average finished off 205 points, or 0.8%, lower at about 26,379, the S&P 500 index closed 0.7% lower at 3,218, while the Nasdaq Composite Index declined 1.3% at about 10,403, as large-capitalization tech stocks took it on the chin, a number of which are slated to report results in the coming days. Negotiations between Democrats and Republicans, meanwhile, centered on further stimulus to help individuals economically harmed by the pandemic, are shaping up to be a contentious one. Democratic House Speaker Nancy Pelosi said on Monday that GOP leaders who brought a roughly $1 billion aid proposal to the table are "not really ready to have a serious negotiation." Democrats are eager to maintain the existing $600 weekly supplement, while the Republican plan would reduce it to a $200 add-on through September. The supplemental jobless benefits are due to expire at the end of the month. Meanwhile, Federal Reserve is set to conclude a two-day policy meeting Wednesday that's unlikely to result in much action, but is expected to see Chairman Jerome Powell underline a willingness to take further measures to support the economy and maintain easy financial conditions. In corporate news, Pfizer Inc. shares (PFE) were up 3.9% after beating earnings and revenue expectations and raising its full-year outlook, while shares of McDonald's Corp. (MCD) were off 2.5% after the fast-food chain reported earnings that fell short of Wall Street forecasts.
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(END) Dow Jones Newswires
July 28, 2020 16:08 ET (20:08 GMT)
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