The Dow Jones Industrial Average dropped 943 points Wednesday as surging coronvirus cases in the US and Europe threaten more business shutdowns and pain for the economy. The S&P 500 dropped 3.5%, its third straight loss. The index has now given up 5.6% so far this week and is on track for its biggest weekly fall since March, when markets were in a downward spiral, the AP reports. The Dow Jones Industrial Average fell 3.4% to 26,519.95, its worst day since June 11, per CNBC. The S&P 500 fell 119.65 points to 3,271.03 and the Nasdaq composite fell 426.48 points, or 3.7%, to 11,004.87. Crude oil prices fell sharply as investors anticipated that demand for energy will weaken along with the economy. Treasury yields fell as investors sought shelter in safer assets.
Markets dropped even more sharply in Europe, where investors expect the French president to announce tough measures to slow the spread of the virus and German officials agreed to impose a four-week partial lockdown. The measures may not be as stringent as the shutdown orders that swept the world early this year, but the worry is they could still hit the already weakened global economy. Policymakers in Europe "must choose between low unemployment or low COVID transmission rates. Unfortunately, they are now left dealing with the most sensitive currency of them all, people’s lives," Stephen Innes of Axi said in a report. Germany’s DAX lost 4.2%, and France’s CAC 40 dropped 3.4%. The FTSE 100 in London fell 2.6%.
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