Global equities slid further and safe-haven assets rose on Monday after a massive array of new programs from the U.S. Federal Reserve underscored the "severe" disruptions the coronavirus pandemic poses to a fast-weakening world economy.
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 his election.
Wall Street's slide deepened on Monday as the rapidly spreading coronavirus forced more U.S. states into lockdown, overshadowing unprecedented moves by the U.S. Federal Reserve to shore up credit across the economy.
U.S. prosecutors have charged a Venezuelan oilfield contractor with money laundering for bribing officials at state oil company Petroleos de Venezuela to win overpriced contracts, and then seeking to hide the proceeds in the United States.
Oil prices inched higher on Monday, while U.S. gasoline prices plunged more than 30% to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.
Airbus said in a stock market filing on Monday that customers could seek to cancel or postpone delivery of airliners and helicopters as the coronavirus crisis continues to escalate.
Boeing Co said on Monday it would halt production at its Washington state twin-aisle jetliner factory as a temporary measure to help fight the coronavirus outbreak.
General Motors Co and medical equipment maker Ventec are speeding up efforts under a partnership code-named "Project V" to build ventilators at a GM plant in Kokomo, Indiana, to help combat the coronavirus outbreak.
U.S. Securities and Exchange Commission officials on Monday warned corporate insiders against insider trading during the disruptions caused by the coronavirus.
The U.S. Federal Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from sweeping restrictions on commerce that scientists say are needed to slow the coronavirus pandemic and ultimately keep more people safe.
The Federal Reserve's unprecedented stimulus measures did little to brighten Wall Street's immediate outlook on coronavirus-ravaged stocks, as concerns remained about the lack of a government stimulus package and the ability to contain the pandemic.
U.S. businesses expect a "very large and very negative impact" from the coronavirus pandemic and efforts to slow its spread, according to a survey published on Monday by the Atlanta Federal Reserve Bank.
Some U.S. banks on Monday offered employees one-time bonuses to help ease the financial burden of the coronavirus pandemic and as a reward for working through the crisis.
The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021, the International Monetary Fund said on Monday.
Major automakers, parts suppliers and auto dealers urged U.S. lawmakers on Monday to provide "robust credit facilities" to ensure "sufficient liquidity" in the auto industry despite the coronavirus outbreak.