adminA sell-off on Wall Street accelerated after midday on Thursday with stocks pulling back from record levels on rising worries about increasing coronavirus cases in some states.
The Dow Jones Industrial Average was down more than 1 400 points, or 5.2 percent at around 5pm, falling to 25 584.80. The broad-based S&P 500 slumped 4.3 percent to 3 052.48, while the tech-rich Nasdaq Composite Index shed 3.5 percent to 9 666.24, threatening a three-day streak of new records.
After weeks of focusing on the positive side of reopening the US economy, investors on Thursday shifted attention to rising coronavirus cases in some states that have reopened, including Texas and Arizona. Treasury Secretary Steven Mnuchin said on CNBC the government would not waiver from its push to get businesses operating, saying “We can’t shut down the economy again.”
But investors fear rising case counts could depress economic activity even if authorities decline to resume the lockdowns. — AFP.
Online Reporter