U.S. stocks dropped on Wall Street Monday, losing 650 points in their worst day since early September. The Dow Jones Industrial Average closed the day down 650.19 points, or 2.29%, for its worst day since Sept. 3 after falling by as much as 890 points earlier in the day. The S&P 500 was down about 1.86% and the Nasdaq Composite fell 1.64%.
Analysts say stocks tumbled in part due to the rising number of COVID-19 cases in the United States and the lack of additional stimulus to aid businesses and Americans. There were about 300,000 new cases nationwide between Thursday and Monday.
Rising cases caused travel stocks to sink. Royal Caribbean dropped 9.65% and Norwegian Cruise Line declined 8.45%, while United Airlines fell 7.02% and American Airlines slid 6.35%.
Weeks of negotiations between Democratic and Republican lawmakers have failed to produce an agreement. While Republicans have given ground, Democrats continue to say the concessions are not enough.