{"id":98452,"date":"2020-10-26T15:51:18","date_gmt":"2020-10-26T12:51:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dow-drops-nearly-1000-points-as-covid-surges-stimulus-talks-stall\/"},"modified":"2020-10-26T15:51:18","modified_gmt":"2020-10-26T12:51:18","slug":"dow-drops-nearly-1000-points-as-covid-surges-stimulus-talks-stall","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dow-drops-nearly-1000-points-as-covid-surges-stimulus-talks-stall\/","title":{"rendered":"#Dow drops nearly 1,000 points as COVID surges, stimulus talks stall"},"content":{"rendered":"

“#Dow drops nearly 1,000 points as COVID surges, stimulus talks stall<\/strong>”
\n<\/p>\n

\n US stocks suffered their worst selloff in weeks Monday as Wall Street grapp<\/a>led with a nationwide surge in coronavirus infections and continued doubts about another stimulus package.<\/p>\n

The Dow Jones industrial average sank as much as 965.41 points, or 3.4 percent, to 27,370.16 in early trading after the US recorded more than 83,000 new COVID-19 cases on both Friday and Saturday \u2014 breaking the previous mid-July peak of about 77,000.<\/p>\n

The blue-chip index recovered to close down 650.19 points, but it was still the worst day since at least Sept. 3, when it shed about 1,025 points before closing down 807.77 points. The S&P 500 similarly dropped as much as 2.9 percent before clawing back losses to close down 1.9 percent to start the final week of trading before the presidential election. The tech-heavy Nasdaq lost 1.6 percent.<\/p>\n

\u201cThe 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,\u201d said Ryan Detrick, chief market strategist for LPL Financial.<\/p>\n

Investors appeared unnerved by the new resurgence in the virus \u2014 which could do even more damage during the colder fall and winter months \u2014 despite news<\/a> that British drugmaker\u00a0AstraZeneca\u2019s experimental vaccine\u00a0provoked an immune response.<\/p>\n

Recent spikes in infections have led to renewed lockdown measures in European countries such as the UK and Italy, raising further questions about the pandemic\u2019s economic harm. But White House chief of staff Mark Meadows\u00a0told CNN<\/a>\u00a0on Sunday that the US is \u201cnot going to control the pandemic\u201d because COVID-19 is \u201ca contagious virus just like the flu.\u201d<\/p>\n

\u201cIt is becoming difficult for investors to keep a cool head,\u201d said Milan Cutkovic, market analyst at Axi. \u201cWhether there will be another major sell-off or a continuation of the stock market rally will likely depend on how quickly governments and central banks will react to the latest developments in the COVID-19 pandemic.\u201d<\/p>\n

It also looks increasingly unlikely that Congress and the Trump administration will reach a deal on a new stimulus bill to blunt the virus\u2019s economic impact before the Nov. 3 election. Economists say more spending is needed to continue the nation\u2019s recovery from the economic collapse that the pandemic caused in the spring.<\/p>\n

House Speaker Nancy Pelosi (D-Calif.) said Sunday that she\u2019s not giving up hope for an agreement, but Senate Majority Leader Mitch McConnell (R-Ky.) has reportedly opposed a large-scale package.<\/p>\n

\u201cI think that as we headed to the election, there was a set of fears\u201d about a surge in COVID infections along with a lack of stimulus, Jim Paulsen, chief investment strategist at the Leuthold Group, told The Post. \u201cAnd there\u2019s just enough news to bring them all together at relatively high market levels.\u201d<\/p>\n

\u201cA stimulus package would have been a nice distraction and seen households and businesses through to the new year when everything will be much clearer,\u201d Craig Erlam, senior market analyst at OANDA,\u00a0said in a commentary<\/a>. \u201cAlas, investors have far too much faith in lawmakers on Capitol Hill.\u201d<\/p>\n

With Post wires<\/i>\n <\/div>\n

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“#Dow drops nearly 1,000 points as COVID surges, stimulus talks stall” US stocks suffered their worst selloff in weeks Monday as Wall Street grappled with a nationwide surge in coronavirus infections and continued doubts about another stimulus package. The Dow Jones industrial average sank as much as 965.41 points, or 3.4 percent, to 27,370.16 in…<\/p>\n","protected":false},"author":1,"featured_media":98453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/covid-surge-01.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[77174,1545,73977,70359,70360],"class_list":["post-98452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-26-20","tag-coronavirus","tag-dow-jones-industrial-average","tag-stocks","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=98452"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/98453"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=98452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=98452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=98452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}