'There is no escape': Stocks, oil, and bitcoin plunge as US lawmakers fight over coronavirus rescue package

Reuters/Lucas Jackson

• Stocks, oil, Treasury yields, and bitcoin slumped on Monday as investors feared US lawmakers would act too slowly to counteract the novel coronavirus pandemic.
• Democrats vetoed Republicans' $1.3 trillion stimulus bill in the Senate, arguing it does too little to aid individuals.
• Republican Sen. Rand Paul also tested positive for the coronavirus, fanning fears of further delays.
• "There is no escape from the heavy recession knocking on the door," one analyst said.
• Visit Business Insider's homepage for more stories.

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Stocks, oil, Treasury yields, and bitcoin tumbled on Monday after US lawmakers failed to agree on a rescue package to combat the economic fallout from the novel coronavirus pandemic.

Confirmed cases across the US ballooned to 32,000 on Sunday, a 10-fold rise in the space of a week. Senate Democrats blocked Republicans' $1.3 trillion stimulus bill on Sunday night, arguing that it doesn't do enough to help individuals. Republican Sen. Rand Paul also revealed that he has tested positive for the coronavirus, leading other lawmakers to self-isolate and boosting the odds of further delays.

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