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Home / Business / The pandemic surged, Wall Street fell 3% and the Dow fell to its lows at the end of July

The pandemic surged, Wall Street fell 3% and the Dow fell to its lows at the end of July



New York (Reuters)-The US stock market fell sharply on Wednesday, the Dow Jones Index closed at its lowest point since the end of July, and global coronavirus cases surged. Investors were worried about the possibility of the US presidential election next week.

Before the November 3 general election, the spread of the pandemic and Washington’s failure to reach an agreement on new fiscal stimulus measures caused the three major stock indexes to close down by more than 3% in heavy trading.

In the last few minutes of the trading session, the selling accelerated, and the Dow Jones and S&P 500 both recorded their biggest one-day declines since June 1

1.

Twelve states in the United States set records for COVID-19 hospitalizations, while Germany and France announced plans to close large-scale public life for a month during the pandemic throughout Europe.

Obviously, the virus is out of control. Surprisingly, this is terrible. “The chief investment officer of Chicago Polaris Investment Management Company Eric Cooper said. “…The concept of disappearance is just a false assumption. “

The S&P 1500 Airline Index fell in the stocks of hotels, airlines and other leisure-related companies sensitive to the turbulence associated with COVID-19 .SPCOMAIR A decrease of 4.3%.Energy Index .go to bed Oil prices fell due to fears of further decline in fuel demand, falling by 4.2%. [O/R]

Only six days before the election, the fear gauge of Wall Street .VIX Soaring to the highest level since June 15. There are concerns that the winner may not be announced on the night of November 3, which has also triggered widespread selling.

According to a Reuters/Ipsos poll, democracy challenger Joe Biden leads President Donald Trump by 10 percentage points nationwide, but competition in swing states is more intense. The winner will be determined.

Investors worry about various potential outcomes: the election may cause controversy; a “blue tide” won Biden, and the Democrats control Congress. Chris Zaccarelli, chief investment officer of the League of Independent Advisors in Charlotte, North Carolina, said otherwise Trump will be re-elected.

He said: “When people go through what might happen in an election, there is no good short-term answer.”

Tech stocks have generally fallen .SPLRCT, The largest decline was 4.33%.

Large Technology Company-Apple AAPL.O, Letters Gauge And Facebook FB -The results of the report to be released on Thursday all fell 4.6% or more.With Microsoft Microsoft And Amazon.com Amazon, They have the largest weight in the S&P 500 Index.

Dow Jones Industrial Average .DJI The S&P 500 Index fell 943.24 points, or 3.43%, to 26,519.95 .SPX Fell 119.65 points or 3.53% to 3,271.03, the Nasdaq Composite Index .IXIC It fell 426.48 points, or 3.73%, to 11,004.87.

File picture: A photo of the facade of the New York Stock Exchange in Manhattan, New York, New York, U.S. October 26, 2020. REUTERS/Mike Segar

The trading volume on US exchanges is 11 billion shares.

According to data from Refinitiv, about 83% of the 206 S&P 500 companies reporting third-quarter earnings have exceeded expectations so far. However, the average earnings are expected to fall by 14.8% from the same period last year.

General Electric Company General Electric The company was a bright spot. In the context of cutting costs and improving power and renewable energy businesses, it posted surprising quarterly profits and positive cash flow, and its stock price rose 8%.

The ratio of the number of stocks falling on the New York Stock Exchange to the number of stocks going forward is 10.08:1; on the Nasdaq, the ratio of 6.28:1 is conducive to falling stocks.

The S&P 500 Index hit a 52-week high and a 9-week low. The Nasdaq Composite Index hit 15 new highs and 110 new lows.

Reporting by Herbert Lash, additional reporting by Medha Singh and Shivani Kumaresan in Bangalore; Sinead Carew and Lewis Krauskopf in New York; Editing by David Gregorio, Anil D’Silva and Arun Koyyur


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