Dow closes more than 400 points lower with one day left until Pelosi’s stimulus deadline
Stocks fell sharply on Monday ahead of a key deadline set by House Speaker Nancy Pelosi to reach a deal on new coronavirus stimulus before the election while Covid-19 cases rise.
The Dow Jones Industrial Average closed 410.89 points lower, or 1.4%, at 28,195.42. Earlier in the day, the 30-stock average was up more than 100 points. The S&P 500 dropped 1.6% to close at 3,426.92 and the Nasdaq Composite pulled back 1.7% to 11,478.88.
Both the Dow and the S&P 500 had their worst day since Sept. 23. The Nasdaq posted its biggest one-day loss since Oct. 2. It also logged its first five-day losing streak since August 2019.
Shares of Big Tech contributed to the decline. Alphabet, Microsoft, Apple and Amazon were all down at least 2%. Facebook dipped 1.7%. Energy and tech were the worst-performing S&P 500 sectors, dropping 2.1% and 1.9%, respectively.
Global coronavirus cases hit 40 million on Monday, which also put a damper on market sentiment.
Reference: CNBC
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