S&P 500 crashes as stimulus buoys virus-beaten sentiment

The S&P 500 reached low grounds on Monday after it recovered from massive losses during the early session. The choppy trade was mainly from weak sentiment as investors weighed between a new coronavirus strain and the passage of a long-anticipated stimulus package.

The tech-heavy Nasdaq recorded minimal losses, closing weakly together with the S&P 500. However, financials supported the blue-chip Dow’s performance as the index retreated from its downward session. The dollar, on the other hand, plunged lower than what many had hoped for.

On Sunday, The U.S. Congress finally sealed a pandemic relief agreement. The $900 billion package intended for unemployment aid, small business relief, and vaccine distribution is expected to be legislated on Monday.