BREAKING: Dow Jones plunges more than 1,500 points as optimism that the reopening of businesses would drive a relatively quick economic recovery fades amid rising coronavirus cases in some U.S. states.
The Associated Press
MGM Resorts International and PVH, owner of the Calvin Klein and Tommy Hilfiger brands, were among the biggest decliners. Each was down more than 12%. The sell-off this week marks a reversal for the market, which rallied 44.5% between late March and Monday, a scorching rate that many skeptics said was unsustainable and didn’t reflect the dire condition of the economy. Only a day ago the Nasdaq closed above the 10,000-point mark for the first time.
Anxious investors shifted more money into government bonds Thursday, sending yields broadly lower. The yield on the 10-year Treasury yield slid to 0.67% from 0.74% late Wednesday, a big move. Last Friday it briefly moved above 0.90%.Oil prices fell sharply. Benchmark U.S. crude oil for July delivery was down 8.9% at $36.09 a barrel. Brent crude oil for August delivery was off 7.1% at $38.76 a barrel.
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