Monday Stock Market Update
The Dow Jones Industrial Average fell, but the S&P 500 and Nasdaq Composite sold-off on Monday.
- The Dow Jones Industrial Average fell 650.19 points, or 2.29 percent, to close at 27,685.38.
- The S&P 500 fell 1.86 percent to close at 3,400.97.
- The Nasdaq Composite fell 1.64 percent to close at 11,358.94.
Stocks sold-off as a result of rising coronavirus cases and the unlikeliness of Congress to pass another round of stimulus.
“It’s a bit of a double whammy. Covid’s definitely not going in the right direction in the U.S. right now. I think now there is maybe some diminishing optimism because stimulus just hasn’t come together, and the election is just around the corner,” said Tom Lee, head of research at Fundstrat Global Advisors. “I think the polling is kind of solidifying. It’s looking very much like a Biden White House and then for policy, if it’s a Biden win, there’s a chance the incumbent administration just dawdles on stimulus. That would really dampen markets into the new year.”
On Tuesday keep an eye out for:
- Eli Lily and Co., Sherwin-Williams Co., Raytheon Technologies Corp., Caterpillar Inc., and Microsoft are reporting earnings.