Oct. 14 (UPI) -- U.S. markets fell for the second straight day on Wednesday after Treasury Secretary Steven Mnuchin cast doubt on the likelihood of another round of COVID-19 stimulus before November's election.
The Dow Jones Industrial Average fell 165.8 points, or 0.58%, while the S&P 500 dropped 0.66% and the Nasdaq Composite closed the day down 0.8%.
Stocks had traded higher earlier in the day but fell after Mnuchin said that it would be difficult for Congress to pass a measure before the election as Senate Republican leader Mitch McConnell said Tuesday that the chamber will hold a vote on the issue this week.
The White House most recently introduced a $1.8 trillion plan that House Speaker Nancy Pelosi said "falls significantly short" of what is needed.
Eli Lilly stock fell 1.08% and Johnson and Johnson stock dropped 0.18% -- the second consecutive day of declines after both companies paused the development of treatments and vaccines to combat COVID-19.
Wednesday also saw the release of quarterly earnings reports from major banks. Wells Fargo stock dropped 6.02% after its third-quarter earnings fell short of expectations, Bank of America stock fell 5.33% as it beat expectations for earnings but fell short on revenue and Goldman Sachs gained 0.2% after greatly exceeding expectations.
Tech stocks further contributed to Wednesday's decline as Amazon stock fell 2.32%, Netflix dropped 2.28%, Facebook declined 1.56% and Microsoft closed down 0.9%.