Dow drops 800 points on mounting concerns over the coronavirus and the global economic recovery [View all]

[orangecrush]

U.S. stocks fell sharply on Wednesday amid concerns over the latest increase in coronavirus infections and its potential impact on the global economy.

The Dow Jones Industrial Average dropped 820 points, or 3%. The S&P 500 slid 2.9% and the Nasdaq Composite traded 3% lower.


The U.S. indexes took their cues from the European market benchmarks. The German Dax index fell 4.2% to its lowest level since late May. The French CAC 40 slid 3.4%. The FTSE 100 in London closed 2.6% lower.

"Investors' hopes that the Covid pandemic would not force further stringent mitigations measures and/or potential wholesale lockdowns that would push global economies back into 'low-consumption mode' appear to be coming under challenge," said Yousef Abbasi, global market strategist at StoneX. "Avoiding these stringent measures has been a major tenant of the bullish thesis, particularly for those looking to value stocks and for a steeper yield-curve."

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U.S. coronavirus cases have risen by a record daily average of 71,832 over the past week, data compiled by Johns Hopkins University showed. Meanwhile, coronavirus-related hospitalizations are up 5% or more in three dozen states, according to data from the Covid Tracking Project. Cases are also rising sharply across Europe.

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"I think there's going to be a call for lockdowns the likes of which we've seen in Chicago," CNBC's Jim Cramer said Wednesday. "The lockdowns without the stimulus equals what we're seeing."


https://www.google.com/amp/s/www.cnbc.com/amp/2020/10/27/stock-market-futures-open-to-close-news.html


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