U.S. stocks plunge as coronavirus cases flare up, stimulus hopes fade
U.S. markets slumped Monday as investors grappled with uncertainty about economic stimulus negotiations and soaringThe Dow Jones industrial average fell 650 points, or 2.3 percent, to 27,686. The S&P 500 index tumbled nearly 1.9 percent to 3,401, while the tech-heavy Nasdaq composite index dropped 1.6 percent, to 11,359. The sell-off erased all of the blue-chip index’s gains for October.
“The double whammy of a stalled stimulus bill and new highs in cases is a harsh reminder of the many worries that are still out there,” said Ryan Detrick, chief market strategist with LPL Financial. “Most of the recent economic data has been strong, but when you see parts of Europe going back to rolling shutdowns, it reminds us this fight is still far from over.
“The COVID-19 situation is worrying to investors because they are looking across the pond to Europe, where many countries are increasing stringency measures and implementing a variety of targeted lockdowns, and wondering if that is the future for the US as well,” said Kristina Hooper, chief global market strategist at Invesco. “This suggests fiscal stimulus is needed now more than ever, but it looks like it is not forthcoming any time soon.
“Ultimately, until the underlying health care issue truly begins to resolve, we should expect a cloud to continue hang over the global economic outlook and the markets to continue their choppy path,” said Nicole Tanenbaum, partner and chief investment strategist, at Chequers Financial Management.Oil prices sank in response to the rising infections around the globe, which is starting to cause the reinstatement of movement restrictions in some places.
In another reflection of volatility, the yield on the 10-year U.S. Treasury note fell as investors flocked to safer ground. Bond yields fall as prices rise.The Washington Post is providing some coronavirus coverage free, including:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow closes 650 points lower, posts worst day since early SeptemberStocks 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%
Read more »
Dow plunges 650 points as record COVID-19 spike and lack of stimulus trouble investors | Markets Insider
Read more »
Dow down more than 300 points as COVID-19 cases surge, stimulus remains stalledStocks stumble out of the gate Monday as the number of daily U.S. COVID-19 infections hit a record at the end of last week and a final agreement on a new...
Read more »
Dow falls 700 points as coronavirus infections rise and hope fades for stimulus talksWhite House Chief of Staff Mark Meadows said the Trump administration will 'defeat' the pandemic, 'because we're Americans.'
Read more »
All 30 Dow stocks are falling, led by American Express and BoeingThe Dow is down more than 800 points, with all 30 components falling, as the recent surge in new COVID-19 cases and the lack of progress on stimulus talks shakes investor confidence.
Read more »