S&P 500 falls 1%, crimping gains from last week’s historic rally
US stocks lost momentum after their biggest weekly rally since 1974 as investors braced for earnings reports that will set out how severe a blow the coronavirus outbreak has dealt to corporate America.
The S&P 500 closed down 1 per cent on Monday, shaving some of the 12 per cent gain it made last week when dramatic action by the Federal Reserve promised to shore up the economy and credit markets.
Among narrower market gauges, the tech-heavy Nasdaq gained 0.5 per cent on the day, while the Dow Jones Industrial Average fell 1.4 per cent.
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