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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.

Expand chart
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%.

Go deeper

Updated 7 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

7 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.