Dow dives 582 points as impatience over pending coronavirus bill outweighs new Fed stimulus

The central bank's new programs include unlimited bond purchases and facilities to keep consumers and small businesses afloat as the coronavirus pandemic drastically slows spending activity.
Traders remained uncertain amid the Senate's continued failure to pass a multi-trillion-dollar-fiscal stimulus package.
Monday's losses followed a limit-down trading halt for US equity futures on Sunday evening.
Watch major indexes update live here .

Major US stock indexes slid on Monday, even after the Federal Reserve revealed plans to bolster the economy .

The Fed pledged to keep both Main Street and Wall Street afloat as the coronavirus pandemic hampers economic activity. The central bank lifted its bond-buying limit and said it would create three facilities to strengthen lending to large employers and individual consumers.

The Monday open for US indexes followed sharp selling when futures trading commenced on Sunday evening. Those contracts triggered a limit-down trading halt after the Senate failed to agree on a trillion-dollar fiscal stimulus package. The coronavirus aid bill was again delayed midday Monday.

Here's where the major US indexes stood at the market close on Monday:

S&P 500 : 2,237.40, down 2.9%
Dow Jones industrial average : 18,591.93, down 3% (582 points)
Nasdaq 100 : 6,860.67, down 0.3%

The Dow Jones industrial average wiped out the so-called Trump bump during Monday's session, falling to an intraday low of 18,213.65. That erases all the index's gains since Donald Trump won the presidential election on November 8, 2016.

The Fed's latest monetary policy action further lowers the hurdle for businesses seeking cheap credit, but fiscal relief is increasingly important as demand rapidly fades, Seema Shah, chief strategist at Principal Global Investors, said in an email to Markets Insider.

Congress remains mired in negotiations for their nearly $2 trillion stimulus package despite the Trump administration calling for such a bill to be passed on Monday. Monetary easing will only keep businesses afloat for so long, Shah said, placing the focus on the government to do its part in cushioning the downturn.

"Given some businesses' understandable reluctance to take on more debt during this tough economic time, the US economy still requires the US government to provide economic support in a way that doesn't involve additional borrowing," she wrote, adding that all kinds of policy tools will "quickly become out-dated" if the virus can't be effectively contained.

The S&P 500 is fresh off a nearly 5% decline on Friday as investors continued to wait for fiscal relief from the White House and Congress. The drop completed US stocks' worst week since 2008 .

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