Dow Tumbles Another 600 Pts Despite Move By Fed

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.