By Michael Wursthorn Close Michael Wursthorn and Caitlin Ostroff Close Caitlin Ostroff Updated Oct. 14, 2020 5:08 pm ET U.S. stocks fell again Wednesday, giving up earlier gains, as investors parsed earnings reports and the latest haggling by lawmakers on coronavirus aid. All three major stock indexes slid from their highs in a choppy trading session, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite ending in the red for a second consecutive day. Losses accumulated across the market amid the impasse between the White House and Congress over further coronavirus-related stimulus deepened. Treasury Secretary Steven Mnuchin said Wednesday that a deal ahead of the election would be unlikely, while a spokesman for House Speaker Nancy Pelosi said major disagreements remain, including the level of funding needed for coronavirus testing and tracing. Newsletter Sign-up Markets A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data. Stocks have been largely rangebound during the latest round of stimulus talks, suggesting a growing market consensus that further aid is needed to keep the economic recovery on course. Analysts say the dimming prospects of a deal likely mean stocks will continue to fluctuate until at least the election. “It’s possible the election becomes the clearing event and people will have more clarity on the nearer term and on fiscal stimulus prospects,” said David Lefkowitz, head of equities for the Americas at UBS Financial Services. Some investors remain focused on the longer term, pointing to an expected rebound in corporate profits, an eventual deal on stimulus and the likelihood that at least one of the health-care companies vying to create a vaccine or therapeutic to treat the coronavirus will succeed. “The uphill climb from here is likely to be more gradual, but we remain convinced that the next 15 months will ultimately bring new record highs,” said Scott Wren, a senior global market strategist at the Wells Fargo Investment Institute, in a note to clients. Wells Fargo has a midpoint target of 3850 for the S&P 500 by the end of next year, a roughly 10% gain from current levels. Stocks are booming while companies shed millions of workers from payrolls. WSJ explains why the stock market seems disconnected from economic reality in the U.S. Photo Illustration by Carlos Waters/WSJ On Wednesday, the Dow Jones Industrial fell 165.81 points, or 0.6%, to 28514. The S&P 500 slid 23.26 points, or 0.7%, to 3488.67, while the Nasdaq Composite declined 95.17 points, or 0.8%, to 11768.73. Shares of fast-growing companies led the reversal. Communications stocks fell 1.2%, while shares of tech companies slid 0.6%. Stocks in the consumer discretionary, health-care and real-estate sectors also broadly fell. Among individual stocks, shares of Goldman Sachs rose 42 cents, or 0.2%, to $211.23 after the bank reported sharply higher profits for the third quarter. Bank of America and Wells Fargo both reported profit declines, sending shares of those banks down $1.33, or 5.3%, to $23.62 and $1.49, or 6%, to $23.25, respectively. In the energy sector, undefinedjumped $4.52, or 10%, to $48.66 after a report of a possible deal with rival ConocoPhillips. Shares of Conoco fell 35 cents, or 1%, to $34.53. Overseas, the pan-continental Stoxx Europe 600 edged down 0.1% In Asia, major benchmarks were mixed. The Shanghai Composite Index closed down 0.6%. Japan’s Nikkei 225 edged up 0.1%. Wells Fargo shares declined after the bank said its third-quarter profit fell 56%. Photo: Kevin Hagen for The Wall Street Journal Write to Michael Wursthorn at Michael.Wursthorn@wsj.com and Caitlin Ostroff at caitlin.ostroff@wsj.com Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Appeared in the October 15, 2020, print edition as 'Weak Bank Shares Dent Stocks.'