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Stocks pared steep losses in midday trading after Senate Minority Leader ChuckÂ Schumer said Congress is “very close” to reaching a stimulus deal to rescue the economy from the coronavirus impact. The Dow last traded about 600 points lower, after dropping 960 points at its session low.Â âLiÂ
The Dow‘s steep drop on Monday pushed the 30-stock index below the level where it closed on Nov. 8, 2016, the day Trump won the 2016 election over Democrat Hillary Clinton. Dow Industrials fell 841.24 points, or 4.39%, to tradeÂ below its close on Election Day 2016 atÂ 18,332.74. The sell-off on the week’s first day of trading put the index down more than 38% from its all-time high notched in February. âFranck
New York Stock Exchange president Stacey Cunningham said on “Squawk on the Street” that having traders on the floor is a “premium offering” for exchange clients and that she plans on opening the floor again once the coronavirus threat has passed. Cunningham also said the stock market should stay open during the crisis.Â “Right now, people are being stressed, and many of them need access to those dollars in the short term because of the trials that they are undergoing right now. We can’t take that access away from them,” Cunningham said. â Pound