Dow posts more than 300 point loss, reversing last week's upward trend

The Dow Jones Industrial Average on Monday closed down 328.6 points while the S&P 500 closed down 1 % and the Nasdaq increased 0.5 % as stocks like Amazon, Netflix and Intel posted gains.

Poor business earnings reports are expected to begin coming out this week amid the coronavirus pandemic that has crushed much of the nation's economy. Though there are also hopes that the nation will soon emerge from the health crisis and begin resuming more economic activity.

Monday's losses come on the heels of significant gains posted last week, including a 12.7 % increase for the Dow and a 12.1 percent increase for the S&P 500. While the stock market was not open for Good Friday, the Dow posted gains three out of four days last week, only posting a modest 26 points loss last Tuesday.

The Federal Reserve last week announced actions to supply as much as $2.3 trillion in loans to help buoy the economy. But that news came the same day that the Department of Labor reported about 6.6 million had filed for unemployment insurance during the week that ended on April 4.

“The biggest issue facing the market is when will the economy be opened back up,” Chief Economic Strategist at Capitol Securities Management Kent Engelke told MarketWatch. “The longer we wait, the greater the damage.”