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U.S. Stocks Drop With Spending-Aid Deal Elusive: Markets Wrap

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Pimco sees equity opportunities amid “cyclicality 2.0.”Source: Bloomberg
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U.S. stocks fell to the lowest in almost two weeks as Congress remained apart on a fresh government spending deal, denting hopes for a breakthrough before the election. Treasuries slipped with the dollar.

The S&P 500 Index fell more than 1.5% as opposition to a sizable aid package hardened in the Republican-controlled Senate and House Speaker told her caucus negotiators are still trying to reach a deal. Data showed key parts of the American economy are slowing two weeks ahead of the vote, while Federal Reserve officials warn the growth will slow without additional federal spending.