All major indices fell sharply Monday as the COVID-19 pandemic continued its spread, prompting airlines to slash capacity and state and local officials to close schools, businesses like restaurants and bars.
Stocks accelerated their fall in the waning minutes before the markets closed Monday as Wall Street reacted to a White House press conference with President Donald Trump National Institutes of Allergy and Infectious Diseases head Anthony Fauci, and Deborah Birx coronavirus response coordinator for White House coronavirus task force. The task force recommended people limit the size of gatherings to less than 10 people and that non-essential businesses close for at least the next 15 days, but hinted that this could last into July. The Dow Jones and the S&P 500 suffered their worst percentage drop since 1987. The Nasdaq fell more than 12% and the Russell 2000 index of small caps fell 14.3% All industries were hit on Monday with double-digit percentage losses, including real estate, energy financial, technology and travel. At the close, markets were down:- The Dow Jones was down 2,998.97 or 12.93%, to 20,188.52
- The Nasdaq was down 970.28 points, or 12.3%, to 6,904.59
- The S&P 500 was down 324.95 points, or 11.98%, to 2,386.13