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Stocks drop after rescue package stalls in Congress


Stocks slumped further Monday after a rescue package to support the economy during the coronavirus crisis again stalled in Congress. 

The Dow Jones industrial average dropped nearly 600 points, its first close below 19,000 since November 2016. The blue-chip average briefly wiped out its gains since Election Day 2016 when it slumped to session lows. 

The Standard & Poor’s 500 lost 2.9%, erasing all of its gains since President Donald Trump was inaugurated. On Friday, stocks posted their worst week since the financial crisis.

Top-level negotiations between Congress and the White House continued after the Senate voted against advancing a nearly $2 trillion economic rescue package again Monday following a failed procedural vote on Sunday. Over the weekend, the Democrats said the bill was tilted too much toward aiding corporations and would not do enough to help individuals and healthcare providers weather the crisis brought on by the pandemic.



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