Stock Market News: Tesla Hits the Brakes; Gap Gaps Down
The stock market suffered another big decline to begin the new week, triggering circuit breakers within seconds of the open. The Federal Reserve's emergency rate cut over the weekend brought short-term rates to zero, but investors are still impatiently awaiting whatever fiscal stimulus package might come from Washington. As of 11 a.m. EDT on Monday, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 1,918 points to 21,268. The S&P 500 (SNPINDEX: ^GSPC) had fallen 208 points to 2,503, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had dropped 603 points to 7,272.
There were plenty of big drops among popular stocks, but a few were particularly noteworthy. Tesla (NASDAQ: TSLA) soared earlier this year, but concerns about the impact of the COVID-19 coronavirus have sent the stock lower recently. Meanwhile, Gap (NYSE: GPS) joined the growing list of retailers making changes to their operations, but investors seem to think more-extreme measures might prove necessary.
Shares of Tesla were down 15% as investors weighed the potential impact of the COVID-19 outbreak on the electric-vehicle maker's sales. Already, stock analysts following the company have low expectations, and things could get even worse before they get better.
Source Fool.com
