Dow skids 400 points as COVID cases surge, pandemic relief negotiations languish
Stocks slumped in early trade Monday as the number of daily U.S. COVID-19 infections hit a record at the end of last week and a final agreement on a new round of aid to the economy remained elusive.The Dow Jones Industrial Average DJIA, -1.31% was down 387.49 points, or 1.4%, at 27,948.08, while the S&P 500 SPX, -0.81% slipped 31.03 points, or 0.9%, to 3,434.36. The Nasdaq Composite COMP, -0.11% was down 27.90 points, or 0.2%, at 11,520.38.
The U.S. saw 83,757 new cases of COVID-19 on Friday, topping the previous high of 77,632 seen on July 16, The Wall Street Journal reported, citing data compiled by Johns Hopkins University. House Speaker Nancy Pelosi, D-California, on Sunday told CNN she’s waiting for a “final yes” on a stimulus package from the White House. Talks continued through last week between House Democrats and the Trump administration, but a final agreement remained elusive. Pelosi and Meadows on Sunday each accused the other side of “moving the goal posts” in the negotiations.
The Chicago Fed’s national activity index for September came in at a reading of 0.27, down from 1.11 in August.
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