The stock market's Monday drop erased an October gain for the Dow Jones Industrial Average , putting the blue-chip gauge on track to close below its 50-day moving average for the first time in nearly four weeks. The Dow was down around 820 points, or 2.9%, near 27,515 on Monday, as stocks extended losses at midday. The decline, attributed in part to a surge in COVID-19 cases in the U.S. and Europe, left the Dow down 0.9% for the month to date, contributing to a 3.6% year-to-date decline. It also saw the DJIA fall below its 50-day moving average, a closely watched indicator of the near-term trend, at 28,014.53, according to FactSet. A close below that level would be the index's first finish below the average since Sept. 29, according to Dow Jones Market Data. The S&P 500 was down 2.3% near 3,385, trimming its October gain to 0.6%. The S&P 500 remains up 4.8% for the year to date.