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Fresh off their worst week since the 2008 financial crisis, Wall Street’s losses continued to swell Monday after the Senate twice failed to advance a $2 trillion coronavirus rescue package — even as the Federal Reserve put forward an unprecedented effort to lift the U.S. economy.

The Dow Jones industrial average fell 582 points, or 3 percent, to settle at 18,591. The Standard & Poor’s 500-stock index skidded roughly 3 percent and the Nasdaq tipped down 0.3 percent.

The markets saw a short-lived surge during futures trading after the Fed said it would purchase Treasurys and mortgage-backed securities “in the amounts needed to support smooth market functioning,” showing the central bank is willing to go far beyond the $700 billion in new purchases announced last week.

But those gains were quickly wiped away. Investors are increasingly concerned about the enormous stimulus bill that aims to respond to the flood of layoffs affecting millions of Americans and the economic pillage felt by businesses in nearly every sector. On Monday afternoon, Democrats blocked the bill for the second day in a row, and lawmakers clashed on the Senate floor as strained negotiations dragged on.

The bill would steer payments of $1,200 to most adults and include $500 for each child. It would also allocate $350 billion to small businesses to address layoffs and send billions more to hospitals and the unemployment insurance system. The measure also would create a $500 billion program for businesses, states and localities.

“Today’s sell-off is a combination of uncertainty in both the health side of the virus and the financial system,” said Sarat Sethi of Douglas C. Lane & Associates. “Markets hate uncertainty. The uncertainty created by Congress not being able to provide a stimulus, and by investors continuing to look for a glimmer of hope on slowing the virus, are causing additional pressure on stocks like we have seen the last couple of weeks.”

On Friday, the Dow shaved more than 900 points, bringing the week’s losses beyond 10 percent and erasing all Trump-era gains. All three indexes are well into a bear-market — which marks at least a 20 percent reversal from their highs.

“We’ve known that the magnitude of help needed has been massive and growing for days now,” wrote Mark Hamrick, senior economic analyst for Bankrate. “The Federal Reserve continues to do all it can to keep markets operating. Now, the spotlight is on elected leaders to do their jobs as well.”