Dow kicks off the week with a nearly 600-point decline, with oil glut hurting markets

The Dow Jones Industrial Average on Monday posted a 592.05 point decline, while the S&P 500 and Nasdaq fell 1.8 percent and 1 percent respectively.

The Dow's decline put a stop to the two-day winning streak the index experienced on Thursday and Friday last week when it posted gains of 33.33 points and 704.81 points, respectively. 

Investors reacted to an oil glut that has resulted in record-low prices and hurt global markets.

Oil prices have suffered during the coronavirus pandemic as people hunker down and use much less fuel than usual, causing a glut in the oil market. The price for May delivery of a barrel West Texas Intermediate oil closed Monday at negative $37.63. But prices for West Texas Intermediate contracts for June and July are still above zero.

Congress has not yet approved a new batch of coronavirus relief funding which is expected to include more money to buoy small businesses amid the coronavirus crisis. 

Much of the economy has been hit hard during the pandemic, with about 22 million people filing initial unemployment claims during a four-week period.

But despite such negative economic news there have been hopes that the virus will soon subside and the economy will soon reopen and resume more normal activity.