Stocks Ended Sharply Lower on Fading Stimulus Hopes

U.S. stocks ended sharply lower on Monday, as pre-election stimulus hopes rapidly fade. The Dow Jones Industrial Average dropped 410.89 points, or 1.44%, to 28,195.42. The S&P 500 declined 56.89 points, or 1.63%, to 3,426.92. The Nasdaq Composite fell 192.67 points, or 1.65%, to 11,478.88.

Oil futures finished Monday with a modest loss, failing to find much support as an OPEC+ committee reiterated its commitment to output cuts and said it “encouraged” some producers to fully compensate for production above their quotas. West Texas Intermediate crude for November delivery fell by 5 cents, or 0.1%, to settle at $40.83 a barrel. December Brent crude fell 31 cents, or 0.7%, to $42.62 a barrel.