US stocks fell on Monday based on pessimistic news that negotiations on a new COVID-19 stimulus package would likely fail, even as coronavirus cases in the US and Europe continue to rise rapidly.
US stocks declined sharply on Monday after new developments pointed to a worsening of the COVID-19 pandemic. The Dow Jones closed at 28,195.42 on Monday, 410.89 points lower than it opened; the Nasdaq fell by 192.67 points to close at 11,478.88, and the S&P 500 declined by 56.89 points, closing at 3,426.92.
“The 48 only relates to if we want to get it done before the election, which we do,” Pelosi told ABC’s This Week on Sunday. “But we’re saying to them we have to freeze the design on some of these things. Are we going with it or not? And what is the language.”
However, Senate Majority Leader Mitch McConnell (R-KY) has said that while the Senate may vote on some measures later this week, including a stand-alone Paycheck Protection Program bill, he remained cool to the much larger bill sought by Democrats.
“The way we’ve rallied [off the March lows] has been by expecting better cyclical news in terms of a vaccine, the Federal Reserve being very easy and [fiscal] stimulus,” Wren said. “I think all three of those are very important and we’ve got one leg that’s been pulled out or, at least, it’s wobbly.”
According to data from the US Centers for Disease Control and Prevention, the US has recorded 387,692 new cases of COVID-19 in the last seven days, including more than 47,000 new cases on Sunday alone. Meanwhile, Europe is registering roughly 97,000 new cases per day, a 44% spike from last week.