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S&P 500 Sinks in Worst Stock Rout Since June Amid More Virus Shutdowns
Posted
October 28, 2020
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1:08
0:52Now PlayingThe Dow Jones Industrial Average sank 943 points Wednesday as surging coronavirus cases forced more shutdown measures in Europe and raised fears of more restrictions in the U.S.
The S&P 500 slid 3.5%, its third straight loss and its biggest drop since June.
The benchmark index is already down 5.6% this week, on track for its biggest weekly decline since March.
That's when the market was in the midst of selling off as strict lockdowns around the world choked the economy into recession.
Sam Stovall of CFRA Research says the uncertainty was an opportunity for traders to take profits while they can.
Investors are growing increasingly anxious that the economy will lose momentum should more shutdowns be imposed just as prospects for more economic support from Washington have dwindled as Election Day nears.
The S&P 500 lost 119.65 points to 3,271.03.
The Dow lost 943.24 points, or 3.4%, to 26,519.95.
The Nasdaq composite slumped 426.48 points, or 3.7%, to 11,004.87.
The selling was widespread, and 96% of stocks in the S&P 500 fell.
The selling in U.S. markets followed broad declines in Europe, where French president Emmanuel Macron announced tough measures to slow the virus' spread and German officials agreed to impose a four-week partial lockdown.
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