S&P 500 pares losses as US stimulus passage expected; Tesla falls 4.6%

The S&P 500 lost ground on Monday, but was well off its session lows as investors grappled with the outbreak of an ominous new strain of Covid-19 along with the likely passage of a long-awaited stimulus package.
 
 The Nasdaq joined the S&P 500 in the red, but financials helped the blue-chip Dow reverse course for a modest gain.
"While there's talk of the sell-off being related to the new Covid strain, my sense is air's being let out of the balloon," said Oliver Pursche, president of Bronson Meadows Capital Management in Fairfield, Connecticut. "We got ahead of ourselves in