Major stock indices have continued their precipitous fall, weighed down by rising coronavirus infections at a time when efforts toward a speedy relief deal in Washington have been all but abandoned.

As of 10:45 a.m., the Dow Jones Industrial Average was down by 761 points, the Nasdaq was down by 323 points, and the S&P 500 was down by 94 points. This was on top pf previous losses throughout the week, as global markets reckon with a resurgent virus and the possibility that governments may institute new lockdowns, or that, even absent official orders, fear will prevent people from spending. 

In the United States, there have been an average of 70,000 new cases per day over the past week alone, a number not seen since July. Last Friday saw over 80,000 new cases, a bigger one-day total than ever seen during the entire span of the pandemic. As CNN put it today, markets, which have proven surprisingly resilient to the ravages of the virus, can no longer ignore what's going on.

While the pandemic's beginning saw action from both Congress and the Federal Reserve, neither are doing much now. While, on paper, a stimulus deal between the White House and congressional Democrats could still happen before Election Day, pretty much no one believes it will, even the administration. Meanwhile, CNBC reports that the central bank is approaching the limits of what it can do via monetary policy. Interest rates have been at rock bottom for some time now, and the Fed has already pledged to buy up as much debt as necessary to stabilize the economy. The main options left are either to step up bond buying, which can have diminishing returns, or to institute yield curve controls, which may not necessarily work. CNBC said this is why, whenever Fed Chair Jay Powell has been before Congress, he has continually urged fiscal policy measures, such as a stimulus bill.