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Stocks tumble on big banks’ role in money-laundering report, fears of stimulus delay

The Dow Jones Industrial Average dropped more than 800 points Monday following a report that large global banks were involved in transactions flagged as possible money laundering.

And hopes for another stimulus measure from Congress flagged as lawmakers focused on a fight over a Supreme Court nomination following the death of Justice Ruth Bader Ginsburg.

The Dow dove 3% and the broader S&P 500 index fell 2.5% in afternoon trading. The Nasdaq composite index was down 1.6%.

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Bank stocks fell after a news report that JPMorgan Chase, Deutsche Bank and other giant banks defied money-laundering crackdowns. JPMorgan Chase fell more than 4%, Citigroup was down 3% and HSBC was down 6%.

A surge in COVID-19 cases in the United Kingdom raised fears of another lockdown there. Lockdowns have ripple effects that hurt several industries, including travel. Airlines stocks plummeted Monday, with United Airlines down 7.5% and American Airlines down 6.4%.

Read more: NPR

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