Here’s what happened to the stock market on Monday

Finance

Senate Majority Leader Mitch McConnell (R-KY) talks to reporters after the Senate voted to acquit President Trump of both charges in his Senate impeachment trial in Washington, February 5, 2020.

Jonathan Ernst | Reuters

Dow Jones Industrial Average tumbles 582 points

The Dow dropped 582.05 points, or 3.04%, to close at 18,591.93. The S&P 500 slid 2.93% to 2,237.40. The Nasdaq Composite pulled back 0.27% to 6,860.67. Stocks fell as Senate lawmakers failed to push through a massive fiscal stimulus package through a key procedural hurdle.

Coronavirus stimulus fails

For a second time in less than 24 hours, a bill that would authorize giant fiscal spending to stimulate the economy failed to clear a key procedural hurdle. That failure offset the enthusiasm from the Federal Reserve’s announcement of an open-ended asset purchase program to sustain the economy. Bottom line, Wall Street has been clamoring for fiscal stimulus. Failure to move forward with such measures could pressure equities even more.

Boeing jumps, United Tech slides

Boeing shares jumped more than 11% after the aerospace giant said it will shut down factories in the Seattle area for two weeks, citing the coronavirus outbreak. United Technologies, however, fell more than 9% to lead the Dow lower.

What happens next?

Wall Street will keep its eyes on Washington as lawmakers try to enact fiscal stimulus for the U.S. economy. New home sales numbers are also due Tuesday at 10 a.m.

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