Dow swings 600 points after Trump rejects stimulus plan

By Anneken Tappe, CNN Business

(CNN) -- Stocks took a dive Tuesday afternoon after President Donald Trump said he ordered an end to stimulus negotiations until after the November election.

The Dow swung more than 600 points following the announcement and was down 1.2%, or some 350 points, with about half an hour left in the trading day. The S&P 500 tumbled 1.3%, and the Nasdaq Composite was down 1.4%.

"I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," Trump tweeted.

The President added: "Our Economy is doing very well. The Stock Market is at record levels, JOBS and unemployment...also coming back in record numbers."

His decision deals a major blow to those hoping for more stimulus deal to help the country get through this crisis. For jobless Americans, it means they will have to make ends meet with less money than at the start of the crisis, when the government provided a $600 weekly supplement to boost benefits. These benefits ran out at the end of July.

This is a developing story. It will be updated

CNN's Phil Mattingly contributed to this article.

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