DEEP TROUBLE

Global Markets Dive Yet Again After Senate Fails to Pass Stimulus Bill

The failure to pass a stimulus package was followed by a now-familiar market freakout.

U.S. stock futures took a dive again early Monday morning after the Senate failed to pass a $1.6 trillion emergency coronavirus stimulus bill. Senate Democrats said they couldn’t back the bill as it stands because of concerns that it prioritizes federal aid for corporations rather than focusing on unemployment insurance and other protections for workers. The failure to pass a stimulus package was followed by a now-familiar market freakout, with Dow Futures falling more than 5 percent at one point, a decline that triggered a maximum allowable limit, according to CNN. By dawn, the figure was down more than 500 points, or 3 percent. Stocks around the world were also hammered—European shares were stuck near seven-year lows as the virus outbreak continued to bring whole economies to a standstill. Germany’s Dax dropped nearly 5 percent after Chancellor Angela Merkel made the decision to self-isolate after coming into contact with an infected doctor. In Asia Pacific, Australia’s S&P/ASX 200 closed down over 5 percent.