SPONSORED:

On The Money: Dow falls more than 900 points amid fears of new COVID-19 restrictions | Democrats press Trump Org. about president's Chinese bank account | Boeing plans thousands of additional job cuts

On The Money: Dow falls more than 900 points amid fears of new COVID-19 restrictions | Democrats press Trump Org. about president's Chinese bank account | Boeing plans thousands of additional job cuts
© BRYAN R. SMITH/AFP/Getty Images

Happy Wednesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

ADVERTISEMENT

THE BIG DEAL—Dow falls more than 900 points amid fears of new COVID-19 restrictions: 

Stocks took steep losses Wednesday amid growing fears that rising COVID-19 cases and the lack of a stimulus agreement between the Trump administration and congressional Democrats will force more U.S. cities to close or restrict businesses.

The Dow Jones Industrial Average closed with a loss of 943 points, falling 3.4 percent. The Nasdaq composite fell 3.7 percent and the S&P 500 fell 3.5 percent.

Wednesday’s losses came as coronavirus cases and hospitalizations surge across much of the U.S., prompting some governments to reimpose restrictions meant to slow the spread. I have more on  Wall Street's rough day here.

  • The third wave of coronavirus cases has threatened to detail the slowing recovery from the onset of the pandemic in March, during which more than 20 million people lost their jobs as thousands of businesses were forced to close.

    ADVERTISEMENT
  • Roughly 11 million people have since returned to work, but the impact of rising coronavirus cases could threaten many of the businesses that brought them back.

  • Illinois Gov. J.B. Pritzker (D) on Wednesday banned indoor dining and drinking in Chicago, following in the footsteps of European leaders who are also battling severe COVID-19 outbreaks across much of the continent. 

Despite Wednesday's losses and the volatility surrounding both the election and the pandemic, Wall Street traders are confident that the market will see steady gains after Nov. 3. I explain why here.

LEADING THE DAY

Democrats press Trump Organization about president's Chinese bank account: Three top Senate Democrats on Wednesday pressed the Trump Organization for information about a Chinese bank account maintained by the president, saying there's a national security need to learn more about his business interests.

In a letter to Alan Garten, executive vice president and chief legal officer of the Trump Organization, the senators said it's important to understand how Trump's financial dealings could be influencing foreign policy actions and trade negotiations with China.

"In light of the President’s refusal to release his tax returns and divest from his financial holdings, it is imperative that Congress have a full understanding of any potential financial conflicts of interest that the President has, especially with China, one of the nation’s most important economic competitors and strategic adversaries," Senate Minority Leader Charles SchumerChuck SchumerNew York City subway service could be slashed 40 percent, officials warn Biden congratulates Pelosi on Speaker nomination Senate Democrats introduce bill to shore up PPE supply MORE (N.Y.), Senate Finance Committee ranking member Sen. Ron WydenRonald (Ron) Lee WydenOn The Money: Push for student loan forgiveness puts Biden in tight spot | Trump is wild card as shutdown fears grow | Mnuchin asks Fed to return 5 billion in unspent COVID emergency funds Grassley, Wyden criticize Treasury guidance concerning PPP loans The FCC is trying to govern content moderation: It doesn't have the authority MORE (Ore.) and Senate Banking Committee ranking member Sen. Sherrod BrownSherrod Campbell BrownOn The Money: Democrats accuse Mnuchin of sabotaging economy in dispute with Fed | Trump administration proposal takes aim at bank pledges to avoid fossil fuel financing | JPMorgan: Economy will shrink in first quarter due to COVID-19 spike Democrats accuse Mnuchin of sabotaging economy in dispute with Fed McSally, staff asked to break up maskless photo op inside Capitol MORE (Ohio) wrote.

The Hill’s Naomi Jagoda breaks it down here.

Read more: Trump defends business practices after report he failed to pay millions in debt

Boeing plans thousands of additional job cuts in next year amid pandemic losses: Boeing on Wednesday announced plans for thousands of additional job cuts in the next year. 

Boeing CEO David Calhoun told staff in a memo that the company plans to have 130,000 employees at the end of 2021, down from 160,000 at the beginning of 2020.

“As we align to market realities, our business units and functions are carefully making staffing decisions to prioritize natural attrition and stability in order to limit the impact on our people and our company,” Calhoun said in the memo. “We anticipate a workforce of about 130,000 employees by the end of 2021. Throughout this process, we will communicate with you every step of the way.”

The Hill’s Justine Coleman has more here.

GOOD TO KNOW