Here's what happened to the stock market on Monday

Traders work the floor of the New York Stock Exchange (NYSE) on March 5, 2020 in New York City. After coronavirus infections rose steadily in the U.S. the DOW ends down over 950 points, nearly 3.6%.
David Dee Delgado | Getty Images

Dow Jones Industrial Average tumbles 2,997 points

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.

Fed announcement greeted with sell-off

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.

Apple and Facebook drop, banks take big hit

Apple and Facebook dropped at least 12% to lead mega-cap tech stocks lower. Bank stocks also fell broadly, with Bank of America and JPMorgan Chase both falling at least 15%.

What happens next?

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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