Stocks tumble, but close off earlier lows

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U.S. stocks swooned Monday, extending a sell-off that’s lasted throughout September, as coronavirus case counts surged around the world and Washington negotiators remained far apart on extending fiscal stimulus, funding the government, and more. The Dow Jones Industrial Average slid about 511 points, 1.9%, to close near 27,147, while the S&P 500 ended about 38 points, 1.2%, lower, near 3,281. The Nasdaq Composite index edged down 14 points, according to preliminary numbers, down 0.1% to close near 10,779, with technology stocks the only sector in the black Monday. All three indexes had been sharply lower in midday trade, cut early losses nearly in half in the afternoon. Luxury homebuilder Toll Brothers Inc. jumped nearly 5% after the company released a rosy mid-quarter update. But “re-opening” strategies like airlines took a hit: shares of Delta Airlines Inc. were down more than 9%.
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