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The S&P 500 has taken a turn for the worst as the rug is pulled from under the bulls relying on Congressional progress relating to a further stimulus bill.

In recent trade, the US Senate Majority Leader Mitch McConnell said that Republicans and Democrats are still very far apart on how much to spend on another coronavirus relief package.

“Secretary Mnuchin and the Speaker are continuing to speak, but we’re very very far apart,” McConnell told reporters, referring to ongoing talks about coronavirus aid between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi.

McConnell also said Pelosi’s latest proposal of $2.2 trillion was “outlandish”.  

The S&P 500 has dropped 1.14% in late afternoon and continues to fall at the time of writing, printing close to the session lows of 3340, at 3354.