STORY HIGHLIGHTS


Dow drops over 400 points amid stimulus talks, COVID-19 concerns

CNC
Added On October 20, 2020

 Wall Street's major averages closed sharply lower on Monday as investors looked to updates on a U.S. stimulus deal, while weighing the impact of a continued increase in coronavirus cases.

 
The Dow Jones Industrial Average dropped 410.89 points, or 1.44 percent. The S&P 500 was down 56.89 points, or 1.63 percent. The Nasdaq Composite Index decreased 192.67 points, or 1.65 percent.
 
All the 11 primary S&P 500 sectors pulled back, with energy down 2.1 percent, leading the losses.
 
Investors remained focused on more U.S. fiscal stimulus ahead of the presidential election, but some experts say it's less and less likely, as U.S. House Speaker Nancy Pelosi said on Sunday that the White House and Congressional lawmakers must reach an agreement in 48 hours if they want to pass a new COVID-19 relief package before the presidential election.
 
Democrats and Republicans have tried for weeks to work toward a follow-up package to combat the economic effects caused by the COVID-19 pandemic. Yet the two sides remained far apart on certain issues.
   
Market sentiment was also dented as coronavirus cases continued to surge.