Stocks fell sharply on Monday even after the Federal Reserve unveiled new measures to keep markets working properly. Wall Street awaited Washington lawmakers to agree to an economic stimulus and rescue plan to cushion the blow from the coronavirus outbreak.

The major averages pared losses midday after Senate Minority Leader Chuck Schumer said he expects the Senate to on Monday reach a deal on a massive fiscal stimulus package.

The Dow Jones Industrial Average traded 490 points lower, or 2.7%. The 30-stock average also hit its lowest level in three years. The S&P 500 slid 2.8% while the Nasdaq Composite dropped 1.3%.

Source: CNBC