(CNBC) — Stocks fell sharply on Monday as U.S. lawmakers failed to push through massive fiscal stimulus to curtail the economic blow from the coronavirus.
The Dow Jones Industrial Average closed 597 points lower, or down 3.1%, after clinching its lowest level in three years earlier in the session. The S&P 500 slid 3% while the Nasdaq Composite was down 0.3%.
For a second time in less than 24 hours, a bill that would authorize giant fiscal spending to stimulate the economy failed to clear a key procedural hurdle. Earlier on Monday, Treasury Secretary Steven Mnuchin told CNBC’s Jim Cramer that Congress was “very close” to getting a fiscal package done, noting it must be pushed forward “today.”
