The Dow dropped 2,997.10 points, or 12.93%, to close at 20,188.52. The S&P 500 slid 11.98% to close at 2,386.13. The Nasdaq Composite fell 12.32% to 6,904.59. Stocks tanked once again on Monday after news of the Federal Reserve cutting rates and launching a stimulus package failed to assuage coronavirus concerns.
The Fed cut rates to basically zero overnight and announced an asset-purchase program of at least $750 billion. However, investors looked past the news as the number of coronavirus cases jumped in the U.S. and around the world. Bottom line, investors want to see the number of new cases to start coming down before re-risking their portfolios.
Investors will keep an eye on any news related to the coronavirus. Industrial production numbers along with job openings data are set for release Tuesday.
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