Stocks fell sharply Monday as fears about the potential worsening of the coronavirus pandemic and uncertainty on further U.S. fiscal stimulus rattled traders. - The Dow fell 510 points. - The S&P 500 lost 1.16%. - The Nasdaq dropped 0.13%.
dropped more than 3% on the fear. Here in the U.S., stocks that would be hit hardest from another lockdown declined. Shares of Carnival Corp. were off by 6.7%. Southwest Airlines and Delta Air Lines fell 5.8% and 9.2%, respectively.
"This is a health-care issue and we still really haven't made any progress," said Brad Kinkelaar, global portfolio manager at Barrow Hanley. "We still don't have a vaccine; obviously, there's still no cure and we're still figuring out how to deal with the crisis." "So it's not surprising we've gone from a market that was essentially pricing in a resumption of normal activity, within a reasonable time frame, to one pricing in the notion that we haven't figured this out yet," Kinkelaar said.the passing of Supreme Court Justice Ruth Bader Ginsburg
, which could lead to a bitter nomination process ahead of the election. President Donald Trump said he would nominate someone this week to take Ginsburg's seat. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired. Chris Krueger, Washington strategist at Cowen, said in a note that a new coronavirus stimulus bill is now "unlikely until post-Nov. 3 as the fight over Justice Ginsburg's empty seat will consume D.C."
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