A fresh week on Wall Street got off to bad start Monday after the Senate failed again to pass an economic stimulus package to help those hurt by the coronavirus outbreak.
The Dow Jones Industrial Average dropped nearly 600 points, shedding 3%. The S&P 500 was also off 3%, while the NASDAQ was down a fraction.
All buying and selling was done electronically. The New York Stock Exchange closed its trading floor last week after at least two traders tested positive for the coronavirus.
Four weeks ago, the Dow hit a record high of 29,348. Monday's close was 18,592 — a nearly 33% loss in value of stocks.
Analysts say there can be no normal economic activity until there are concrete signs the coronavirus is under control.
President Donald Trump said Sunday people are anxious to eat at restaurants, attend the movies and travel. He says the U.S. economy will “skyrocket” once the U.S. “wins the war” against the virus.
Many experts agree that the economy would be poised for a comeback when the worst is over and say this is the time for investors to look for bargains in the market.
