Dow drops to fresh 3-year low as investors wait for Congress to agree on a stimulus bill
Stocks fell on Monday even after the Federal Reserve unveiled new measures to keep markets working properly. Wall Street awaited Washington lawmakers to agree to an economic stimulus and rescue plan to cushion the blow from the coronavirus outbreak.
The Dow Jones Industrial Average traded 152 points lower, or 0.8%. The 30-stock average also hit its lowest level in three years. The S&P 500 slid 0.8% while the Nasdaq Composite outperformed, rising 0.6%.
One of the measures taken by the Fed was an open-ended asset purchase program, which the central bank will run in the “amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”
“While the Fed’s actions are an enormous help, the only way the markets are going to find sustainable improvement is when the economy is allowed to come back to life, …continued .
[Source: CNBC News]