At closing bell, the Dow Jones Industrial Average index dropped 410.89 points, or 1.44%, to 28,195.42. The S&P 500 index fell by 56.89 points, or 1.63%, to 3,426.92. The tech-heavy Nasdaq Composite Index fell 192.67 points, or 1.65%, to 11,478.88.
Market erasing early gains to end lower amid signs of rising coronavirus infections and as Congress remained apart on a fresh government spending deal, denting hopes for a breakthrough before the election. President Donald Trump, who is trailing far behind his challenger Joe Biden in the polls, has proposed a US$1.8 trillion package and indicated he would go higher, while Democrats in the House of Representatives have approved a US$2.2 trillion measure. However, Senate Majority Leader Mitch McConnell has repeatedly signaled he would not support a massive package.
A National Association of Home Builders survey released on Monday showed record optimism in the industry but investors were nonetheless focused on the dwindling time Congress and White House have to agree on a spending package to boost the coronavirus-ravaged US economy.
Shares of Apple (-2.6%), Amazon (-2%), Alphabet (-2.4%), Facebook (-1.7%) and Microsoft (-2.5%) all dragged on indexes. Oilfield services provider Halliburton (-0.7%) posted a fourth consecutive quarterly loss. ConocoPhillips shares slipped 3.2% as it agreed to buy shale oil producer Concho Resources (-2.8%) for US$9.7 billion. Intel (+0.8%) was reported to be nearing a deal to sell its NAND unit to South Korea's SK Hynix for around US$10 billion.
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