US stocks trim losses, but close lower amid uncertainty over financial aid package

US stocks closed lower on Monday, weighed down by the uncertainty over the awaited financial aid package from Congress, following the Senate failure to pass it today.

Democrats and Republicans in the US Congress confirmed that they are on the cusp of agreeing on the $2 trillion dollar financial aid package that is aimed at countering the coronavirus.

However, the Senate failed for the second time this week to pass the bill, despite the Treasury Secretary Steven Mnuchin's remarks about getting closer to passing it.

While President Donald Trump stated that his administration will provide all necessary support to the medical and health agencies, pointing out that a malarial drug is being tested for the treatment of the coronavirus.

To the oil market, WTI crude gained 3.2% to $23.36 a barrel, with a day high of $23.6 and a low of $20.4.

Brent rose 0.2% to $27.03 a barrel, with a high of $27.03 and a low of $24.6.

As for stocks, Dow Jones dropped 3% or 582 points to close at 18,592, and hit an intraday high 19,121 and a low 18,213.

Nasdaq fell 0.3% or 19 points to 6,860 points, with a high of 6,985 and a low of 6,631 points.

S&P 500 lost 2.9% or 67 points to close at 2,237, with a high of 2,300 and a low of 2,191.