Stocks nosedived Wednesday for the second time in three days as investors awaited details of a possible fiscal-stimulus package from Congress to ease the economic impact of the coronavirus.
The Dow Jones Industrial Average dropped more than 1,000 points, or 4%, in the first 90 minutes of trading. The Dow had gained more than 1,100 points on Tuesday, after plummeting more than 2,000 points on Monday.
President Trump was meeting with Wall Street executives at the White House on Wednesday to discuss options for helping the economy through the crisis.
Mr. Trump asked Senate Republicans on Tuesday for a payroll tax holiday through the end of the year to pump more money into the economy. But House Democrats, who could release their own fiscal proposal on Wednesday, are generally opposed to a temporary cut in payroll taxes.
Some Republican lawmakers also have expressed skepticism about cutting payroll taxes.
Senate Majority Leader Mitch McConnell, who has not endorsed a payroll tax cut, said Wednesday it was “sad but not surprising to see some of President Trump’s Democratic critics here in Washington fall back on the same, old, predictable partisan attacks.”
He pointed out the contrast with California Gov. Gavin Newsom, a Democrat who said the president has followed through on “every single thing” that he had promised to combat the outbreak.
“Clearly, this does not have to be a time for partisan bickering,” Mr. McConnell said. “I’d hope our Democratic colleagues here in Washington understand the American people expect us to be working together on this problem.”
• Dave Boyer can be reached at dboyer@washingtontimes.com.
Please read our comment policy before commenting.