Stock market live updates: Dow down 500, Fed goes all-in, waiting on Congress

The three major averages fell on Monday despite the Federal Reserve announcing limitless asset purchases, which originally lifted stock futures.The Dow Jones Industrial Average fell 350 points after the opening bell. The S&P 500 and Nasdaq dipped 1.7% and 0.15%, respectively. Investors are waiting on a government stimulus package announcement as soon as Monday. — Fitzgerald 

The coronavirus outbreak, which has halted travel and slowed business activity worldwide, has sent the Dow Jones Industrial Average and S&P 500 tumbling into bear market territory at a record rate. “The 2020 correction continues to make history, having already claimed the title as the third fastest end to a bull market going back to 1928,” Bank of America said in a note to clients Monday. “In a little over four weeks since the February 19 peak, 22 trading days, the S&P 500 (SPX) has sold off 30% on a daily closing basis, making this the fastest 30% decline in history,” the firm added. The Dow is 35% below its February all-time high level, while the S&P 500 is 32% below its high. – Stevens

The rise of cord-cutting could be compounded through the coronavirus crisis and provided a bigger boost to Netflix, according to analyst at Baird Equity Research. Shares of the entertainment screening company rose 3.4% in the premarket as Baird upgraded the company to outperform. “We expect Netflix to be a key beneficiary, with our latest checks suggesting strong Netflix adoption globally,” the firm said. – Cox

Treasury Secretary Steven Mnuchin told CNBC on Monday that a government stimulus package is imminent. “I think we’re very close. We need to get this deal done today,” Mnuchin told CNBC’s Jim Cramer on Monday. “It is very important as you can see, Jim. We announced overnight with the Fed some very important actions supporting the asset-backed market, supporting the corporate bond market – primary and secondary,” he added. “We’re using some of the funds we have, but we need Congress to approve additional funds today so that we can move forward and support American workers and the American economy,” he added. —Franck 

Confirmed infections of the rapidly spreading coronavirus surpassed 350,000 worldwide on Monday and global deaths rose past 15,000, as COVID-19 spreads across Europe and North America. COVID-19 has now infected more than 350,536 people, according to Johns Hopkins University, and killed at least 15,328 people. More than 100,000 people of that tally have recovered, according to Hopkins. Global cases have more than doubled in the past week, according to the World Health Organization, and worldwide deaths have nearly tripled. — Feuer, Fitzgerald 

Source: https://www.cnbc.com/2020/03/23/stock-market-live-today.html

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