Dow drops as US hits record daily coronavirus cases.
White House Chief of Staff Mark Meadows said the Trump administration will "defeat" the pandemic, "because we're Americans."Frank Franklin II / APWall Street took a dive Monday as hopes faded for a fresh round of fiscal aid and the number of newThe Dow Jones Industrial Average fell by more than 730 points by mid-morning, or 2.6 percent. The S&P 500 was down 2.12 percent and the Nasdaq Composite was lower by 1.8 percent.a rising number of hospitalizations.
"What we have to do is make sure we fight it with therapeutics and vaccines, take proper mitigation factors in terms of social distancing and masks when we can," Meadows said."It is a contagious virus, just like the flu." Negotiations between House Speaker Nancy Pelosi, D-Calif., and Treasury Secretary Steven Mnuchin"have certainly slowed down," White House economic adviser Larry Kudlow told CNBC on Monday morning."We are close, but there are still important policy issues that separate us."
The travel and hospitality sector took the heaviest hit Monday, with Wynn Resorts down 5.5 percent in the morning trading session, American Airlines down 6 percent, and Norwegian Cruise Lines down almost 9 percent.
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