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Stocks Slump After Latest Stimulus Deal Stalls: Markets Wrap

  • Dow Industrials’ Trump-era gains threatened; Fed takes action
  • Spain, Italy suffer worst days of coronavirus pandemic deaths
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Gary Dugan, chief executive officer at Global CIO Office, discusses his investment strategy for volatile markets.Source: Bloomberg
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U.S. stocks started the week down as investors saw little progress on a congressional spending package to blunt the fallout from the coronavirus pandemic. Measures of corporate credit risk eased after the Federal Reserve announced a massive second wave of initiatives to support a shuttered American economy.

The S&P 500 closed lower, despite a late-session surge, after lawmakers failed to agree on a stimulus bill over the weekend and again fell short of the needed Senate votes for a deal on Monday. Tech shares outperformed, with the Nasdaq 100 eking out a small gain, as negotiations continued on Capitol Hill. Trading volumes remained above average.