U.S. stocks closed sharply lower Tuesday as investors assessed the economic damage from the coronavirus pandemic and a White House aide said the Trump administration wanted to put a cap on an upcoming fiscal stimulus package. The Dow Jones Industrial Average
fell 397 points, 1.5%, to close near 25,890, while the S&P 500
lost 34 points or 1.1%, closing near 3,145. The tech-heavy Nasdaq
which was in positive territory most of the day, closed near 10,344, down 90 points or 0.9%. The stock sell-off intensified in the afternoon after Federal Reserve officials expressed concern about the pandemic’s economic impact. Investors continued to reward biotech companies that may offer the best treatments for the virus: Novavax Inc.
shares surged over 31% Tuesday after it said it had secured $1.6 billion in government funding for its vaccine.