Stocks fell sharply on Monday as U.S. lawmakers failed to push through massive fiscal stimulus to curtail the economic blow from the coronavirus. Talks are ongoing, but investors believe the longer Washington waits, the greater the damage to the economy.

The Dow Jones Industrial Average closed 582.05 points lower, or down 3.1%, at 18,591.93, its lowest closing level since November 2016. The S&P 500 slid 2.9% to 2,237.40. The Nasdaq Composite was down just 0.3% at 6,860.67 as investors began making small bets on technology stocks.

For a second time in less than 24 hours, a bill that would authorize giant fiscal spending to stimulate the economy failed to clear a key procedural hurdle. Earlier on Monday, Treasury Secretary Steven Mnuchin told CNBC's Jim Cramer that Congress was "very close" to getting a fiscal package done, noting it must be pushed forward "today."

"We're using some of the funds we have, but we need Congress to approve additional funds today so that we can move forward and support American workers and the American economy," Mnuchin said.

Senate Minority Leader Chuck Schumer, D-NY, said Monday afternoon after the second failure that he and Mnuchin would meet again to try and work out a deal.

The failed votes in the U.S. Senate were enough to pressure Wall Street once again even after the Federal Reserve announced an open-ended asset purchase program. The central bank said the program will run in the "amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy."

"While the Fed's actions are an enormous help, the only way the markets are going to find sustainable improvement is when the economy is allowed to come back to life, or at least there is a real path in place for how that is going to happen," said Paul Hickey of Bespoke Investment Group, in a note.