Dow Falls Over 900 Points as Coronavirus Cases Surge and Lockdowns Loom

28 Octobre, 2020, 23:10 | Auteur: Auguste Feret
  • US stock market has worst day in a month amid election uncertainty

Shares of hotels, airlines and other companies sensitive to Covid-19-related curbs dropped with Wynn Resorts down 2% and the S&P 1500 airlines index declining 3%. The energy index fell as oil prices tumbled on fears of a deeper drop in fuel demand.

NEW YORK, Oct 28 (Reuters) - The S&P 500 and the Dow slumped on Wednesday to their lowest levels since late September, as coronavirus cases climbed globally and investors also anxious about the possiblity of a contested US presidential election next week.

New cases and hospitalizations set records in the US Midwest, while concerns over a national lockdown in France and tighter restrictions in Germany sapped investor appetite for risk.

Soaring coronavirus cases across the world coming at a time when markets are already concerned for the USA presidential elections less than a week away has sent investors to the sidelines.

The Dow Jones Industrial Average dropped over 800 points, or almost three percent at the opening on Wall Street. The Nasdaq Composite was down 224.75 points or 1.97% at 11,206.60.

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Benefiting from pandemic-driven shift to working from home and online learning has helped Microsoft Corp's MSFT quarterly results surpassed analysts targets.

Democratic challenger Joe Biden leads President Donald Trump nationally by 10percentage points, according to Reuters/Ipsos polling, but the competition is tighter inswing states which will decide the victor.

However, earnings on average are expected to fall 14.8% from a year earlier. The Russell 2000 index of smaller companies fell 2.97 percent.

Declining issues outnumbered advancers for a 10.03-to-1 ratio on the NYSE and for a 6.28-to-1 ratio on the Nasdaq.

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