Dow Tumbles Another 600 Pts Despite Move By Fed

March 23, 2020 Business, Coronavirus

Bloomberg News reports:

U.S. stocks started the week down as investors saw little progress on a congressional spending package to blunt the fallout from the coronavirus pandemic. Measures of corporate credit risk eased after the Federal Reserve announced a massive second wave of initiatives to support a shuttered American economy.

The S&P 500 closed lower, despite a late-session surge, after lawmakers failed to agree on a stimulus bill over the weekend and again fell short of the needed Senate votes for a deal on Monday. Tech shares outperformed, with the Nasdaq 100 eking out a small gain, as negotiations continued on Capitol Hill. Trading volumes remained above average.

The S&P is down almost 35% from its Feb. 19 record and marked its lowest close of Donald Trump’s presidency. The Dow Jones Industrial Average has lost almost all its gains since he was elected on Nov. 8, 2016.

Major US stock indexes slid on Monday, even after the Federal Reserve announced plans to further support economic activity amid the growing #coronavirus threat.

Investors are looking at Congress for a fiscal deal. https://t.co/VQEPJ5SgnM

— Business Insider (@businessinsider) March 23, 2020