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Stocks extend losses after stimulus deal stalls in Congress

Stocks extended losses in afternoon trading Monday after a stimulus package to combat the economic damage from the coronavirus pandemic stalled in Congress again. 

The Dow Jones industrial average was down 600 points, headed toward its first close below 19,000 since November 2016. The blue-chip average briefly wiped out its gains since Election Day 2016 when it slumped to session lows. 

The Standard & Poor’s 500 lost 2.6%, putting it on pace to erase all of its gains since President Donald Trump was inaugurated. On Friday, stocks posted their worst week since the financial crisis.

Top-level negotiations between Congress and the White House continued after the Senate voted against advancing a nearly $2 trillion economic rescue package again Monday following a failed procedural  vote on Sunday. Over the weekend, the Democrats said the bill was tilted too much toward aiding corporations and would not do enough to help individuals and healthcare providers weather the crisis brought on by the pandemic.

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