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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Photo: Johannes Eisele/AFP via Getty Images

The S&P 500 closed 12% lower on Monday, while the Dow fell 13% (or 2,999 points).

Driving the news: The sell-off accelerated during President Trump's afternoon press conference as concerns about the coronavirus outbreak's economic impact continued to grip markets.

Here's how swift and sharp the stock market's decline has been: The S&P 500 hit a record high just over one month ago. The index is now about 29% below that level.

  • The Nasdaq Composite, which dropped 12.3%, had its worst day in its 49-year history on Monday.

The big picture: The worst day for Wall Street in 30 years comes despite the series of aggressive measures announced by the Fed to shield the economy from coronavirus impact.

  • Outside the U.S., market volatility resumed around the globe as the pandemic worsened and governments ramped up efforts to contain the outbreak.
  • Europe's main stock index closed 4.8% lower, after dropping as much as 8%. Stocks in Hong Kong fell more than 4%.

The bottom line: Economists agree the near-halt to economic activity to prevent further spread of the coronavirus will put a big dent in U.S. growth. The question is how bad it will be. President Trump told reporters on Monday the economy "may be" heading into a recession.

  • On Monday morning, a Federal Reserve survey of business conditions in New York saw the biggest month-over-month drop ever and fell to its lowest level since 2009.
  • Manufacturers said they cooled hiring and cut workers' hours amid a sharp decline in new orders.

Go deeper

29 mins ago - Health

U.S. ahead of pace on vaccines

A health care worker administers a dose of the Moderna vaccine in Ruleville, Mississippi. Photo: Rory Doyle/Bloomberg via Getty Images

The U.S. is now vaccinating an average of 2 million people a day, up from 1.3 million in early February.

Why it matters: That puts us on track to hit President Biden's goal of 100 million doses a month ahead of schedule.

Updated 2 hours ago - Politics & Policy

Harris breaks tie as Senate proceeds with lengthy debate on COVID relief bill

Photo: Oliver Contreras/Bloomberg via Getty Images

The Senate on Thursday voted 51-50 — with Vice President Kamala Harris breaking the tie — to proceed to debate on President Biden's $1.9 trillion coronavirus rescue package, likely setting up a final vote this weekend.

The state of play: Sen. Ron Johnson (R-Wis.) is forcing the Senate clerk to read the entire 628-page bill on the floor, a procedural move that will likely add 10 hours to the 20 hours already allotted for debate.

3 hours ago - World

Netanyahu campaigns against Biden's plan to save Iran deal

Netanyahu campaigns at a gym last month. Photo: Pool/AFP via Getty

Israeli Prime Minister Benjamin Netanyahu indirectly criticized the Biden administration for its intention to return to the Iran nuclear deal and told his supporters he was prepared to "stand against the entire world" to stop it.

Why it matters: This is a major change of tune for Netanyahu, who had been careful in his statements on the Iran deal and avoided publicly criticizing President Biden. The statement was part of Netanyahu's attempt to rally his base ahead of Israel's election on March 23.

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