Updated Mar 23, 2020 - Economy & Business

Stock market tumbles as coronavirus stimulus hangs in limbo

Exterior of the New York Stock Exchange

Exterior of the New York Stock Exchange, which closed the trading floor today. Photo: Angela Weiss via AFP

Stocks closed down about 3% on Monday, though they finished above the lowest levels of the day.

By the numbers: The S&P 500 joined the Dow in shedding all the gains since President Trump's inauguration in 2017, a nod to how steep the market drop has been in an extremely short period of time.

Data: FactSet; Chart: Axios Visuals
Data: FactSet; Chart: Axios Visuals

The big picture: Stocks swung sharply on Monday amid more Federal Reserve action to support an economy thrown into a tailspin thanks to the coronavirus pandemic and stalled progress on stimulus in Washington.

  • The S&P fell 2.9%, while the Dow closed down 3.1% (or 582 points) and the Nasdaq fell a fractional 0.2%.
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