Stocks just posted their worst day since early September as coronavirus infections jumped and negotiations for a stimulus package before the election stalled once again. - The Dow fell 649 points - The S&P 500 lost 1.86% - The Nasdaq dropped 1.64%
House Speaker Nancy Pelosi, D-Calif., said in a statement that: "in all of our legislation, we have stressed the importance of testing, but the Administration has never followed through. The Republicans' continued surrender to the virus – particularly amid the recent wave of cases – is official malfeasance."
"The market is likely to drift lower near term in the face of Stimulus disappointment ... virus resurgence, and intensifying election uncertainty," said Julian Emanuel, a strategist at BTIG, in a note. SAP, one of the biggest software companies in Europe, saw its shares plunge more than 20% after warning that businesses are holding back from spending; it also cut its earnings and revenue estimates for 2020. Oracle and Microsoft followed SAP lower, sliding 4% and 2.8%, respectively.
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