Dow sinks over 400 points to book worst day in four weeks and Nasdaq logs 5th straight drop as fiscal talks fuel worries
U.S. stocks ended sharply lower Monday as investors focused on House Speaker Nancy Pelosi's self-imposed Tuesday deadline to achieve a coronavirus relief package for American businesses and workers. Markets had started off the session with some optimism that Pelosi, D-Calif., would be able to make progress toward the framework toward an additional deal on aid but mounting concerns that a fiscal package won't be produced before the Nov. 3 presidential elections is beginning to cause increased jitters for a market that believes that more funding is necessary to support further gains in the virus-stricken market. The Dow Jones Industrial Average closed off 410 points, or 1.4%, the S&P 500 index closed off 1.6% at 3,427, led by energy (XLE), technology (XLK) and communication services (XLC), while the Nasdaq Composite Index closed off 1.7% lower at 11,479. That marked the fifth straight decline for the technology-laden Nasdaq Composite.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 19, 2020 16:04 ET (20:04 GMT)
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