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After the Bell: Stocks Plunge on Impasse

John Divine

The Dow Jones Industrial Average had another awful day on Monday, plunging 582 points, or roughly 3%, as Congress failed to pass the highly anticipated stimulus package that would've sent direct payments of $1,200 to millions of Americans in need.

Fed takes another unprecedented action. The Federal Reserve made a few unprecedented moves on Monday, opening up its coffers to certain qualified businesses and municipalities directly. This circumvents the banks, which the Fed typically lends to in an effort to boost liquidity and shore up credit markets.

The U.S. central bank also committed to buying as many Treasurys as necessary to prevent a worsening of the current coronavirus-inspired economic crisis.

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Gold soars. The price of gold, often considered a "safe haven" asset in times of chaos and turmoil, soared on Monday, surging 5% to levels around $1,560 an ounce.

Royal Caribbean surges. Shares of beleaguered cruise line Royal Caribbean (RCL), one of the S&P 500's single worst year-to-date performers, jumped on Monday, advancing more than 18%, as the company secured a $2.2 billion line of credit.

Monday's performance made RCL the single best performer in the 500-stock index on Monday.



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