Stocks suffer their worst day since March, with the Dow plunging more than 1,800 points
Stocks suffered their biggest one-day pull-back in three months on Thursday as traders grew concerned about the number of coronavirus cases increasing in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines.
The Dow Jones Industrial Average plunged 1,861.82 points, or 6.9%, to close at 25,128.17. The S&P 500 slid 5.9% to 3,002.10 while the Nasdaq Composite dropped 5.3%. to end the day at 9,492.73. The major averages posted their worst day since March 16, when they all dropped more than 11%. The S&P 500 also logged in its first three-day losing streak since early March.
“You’re seeing the psychology in the market get retested today” as traders weigh the recent uptick in coronavirus hospitalizations and a grim outlook from the U.S. central bank, said Dan Deming, managing director at KKM Financial. “The sense is maybe the market got ahead of itself, which makes sense given the fact that we’ve come so far so fast.”
“The reality is this thing’s going to linger longer than probably the market had through of,” Deming said.
https://www.msn.com/en-us/money/markets/the-dow-is-now-on-pace-for-its-biggest-one-day-loss-since-march-dropping-1400-points/ar-BB15amBi?li=BBnbfcL
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