Stocks Ended Lower amid Dimming Stimulus Prospects

U.S. stocks ended lower on Wednesday, as a prospects of a stimulus package before the election dimmed even further. The Dow Jones Industrial Average slumped 165.81 points, or 0.58%, to 28,514.00. The S&P 500 fell 23.26 points, or 0.66%, to 3,488.67. The Nasdaq Composite dropped 95.17 points, or 0.80%, to 11,768.73.

Oil futures stretched their gains to a second session Wednesday, as Saudi Arabia and Russia reportedly held a discussion by phone, reiterating the OPEC+ commitment to abide by the production-cut agreement. West Texas Intermediate crude for November delivery climbed by 84 cents, or 2.1%, to settle at $41.04 a barrel. December Brent crude added 87 cents, or nearly 2.1%, at $43.32 a barrel.

Treasury Secretary Steven Mnuchin said Wednesday afternoon that achieving a deal and advancing any measures through Congress before the November election would be “difficult.”

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