(CNBC) -- Stocks fell sharply on Monday as coronavirus infections jumped and negotiations for a fiscal stimulus package before the election stalled once again.
The Dow Jones Industrial Average closed 650.19 points lower, or 2.3%, at 27,685.38. The S&P 500 slid 1.9% to 3,400.97 and the Nasdaq Composite dipped 1.6% to 11,358.94. Monday’s decline erased the monthly gains for the Dow Industrials. It was the Dow’s biggest one-day drop since Sept. 3 and its first close below 28,000 since Oct. 6.
The decline came as data compiled by Johns Hopkins University showed daily coronavirus cases in the U.S. have risen by an average of 68,767 over the past seven days, a record. On Sunday alone, more than 60,000 cases were reported. The country saw more than 83,000 new infections on both Friday and Saturday after outbreaks in Sun Belt states, surpassing a previous record of roughly 77,300 cases set in July.
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