Stock market live updates: Stocks roll over, Dow below 20,000, Regeneron speeds up drug

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Tesla shares dropped below the infamous $420 level in early trading Tuesday, just three months after surging past that mark for the first time. The price has become infamous for Tesla’s stock, as CEO Elon Musk tweeted in August 2018 that he had “funding secured” to take the company private at that level. Musk later agreed to a settlement with the SEC over the statement after the regulator sought to bank Musk from holding leadership positions at any publicly traded company. – Sheetz

Treasury Secretary Steven Mnuchin heads to the Capitol today to discuss a third coronavirus response package with Senate Republicans as policymakers try to stave off economic calamity. The Trump administration wants an $850 billion economic stimulus plan, Politico and The Washington Post reported. The White House’s proposal would include about $50 billion in aid to an airline industry battered by the global pandemic, according to the Post. Congress already passed $8.3 billion in emergency funding to help stop the coronavirus disease’s spread. A separate plan to expand paid leave benefits, boost unemployment insurance and make testing more affordable is working its way through the Capitol this week. —Pramuk

Stocks gave up all their gains within 30 minutes of the opening bell. The Dow Jones Industrial Average fell below 20,000 for the first time since Feb 2017. The 30-stock average is down about 200 points. The S&P 500 and Nasdaq also turned negative. – Fitzgerald  

Wall Street’s fear gauge the Cboe Volatility Index, known as the VIX, hit another all-time high of 83.94 Tuesday morning amid wild trading. On Monday during the massive sell-off, the VIX popped nearly 25 points, or almost 43%, to close at a record high of 82.69, surpassing the peak level of 80.74 during the financial crisis. The VIX, which tracks the 30-day implied volatility of the S&P 500, more than doubled in March alone. The index looks at prices of options on the S&P 500 to track the level of fear on Wall Street. — Li


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