New York CNN Business  — 

The Trump stock rally, which at its peak only last month seemed unending, has evaporated.

The S&P 500 (SPX), the broadest measure of the US stock market, dropped below 2,264 points on Monday, falling past its closing level on January 19, 2017, the day before President Donald Trump took his oath of office.

Stocks finished in the red across the board on Monday, after the Senate failed to agree on the multi-trillion economic relief package put forward by the administration.

The $2 trillion plan includes a proposal to provide $500 billion in loans and loan guarantees for distressed companies, states and localities, but thus far does not have clear guidelines on who is eligible or require companies that take the loans maintain their current workforce. Also at issue is how to deliver funds to states and localities.

The Dow (INDU) had already wiped out its gains under the Trump White House last week. The index on Monday briefly dipped below its close on Election Day 2016, but recovered slightly before the close.

Global equities have been hit hard by worries about the economic fallout from the coronavirus outbreak, which has now infected more than 40,000 people in the United States.

Economists predict recessions for both individual countries and the world economy this year as the pandemic has dealt both a supply and demand shock to commerce. That said, expectations for a sharp rebound for the economy and the stock market towards in the second half of the year are high.