BUSINESS Dow closes down over 900 points amid coronavirus fears

BUSINESS

Dow closes down over 900 points amid coronavirus fears

AP

06:42, October 29, 2020

In this photo provided by the New York Stock Exchange, specialist Gregg Maloney works at his post on the trading floor, Wednesday Oct. 28, 2020. (Photo: AP)

NEW YORK, Oct. 28 (Xinhua) -- U.S. equities closed sharply lower on Wednesday as investors grew concerned over soaring COVID-19 infections and the possible economic consequences.

The Dow Jones Industrial Average plunged 943.24 points, or 3.43 percent, to 26,519.95. The S&P 500 decreased 119.65 points, or 3.53 percent, to 3,271.03. The Nasdaq Composite Index shed 426.48 points, or 3.73 percent, to 11,004.87.

All the 11 primary S&P 500 sectors sank, with technology and energy down 4.33 percent and 4.22 percent, respectively, leading the losses.

U.S.-listed Chinese companies traded lower, with all of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, surged 20.78 percent to 40.28.

The market moves came as COVID-19 infections continued to spike in the United States.

Nationwide daily cases have risen by an average of 71,832 over the past week, according to a CNBC analysis of data from Johns Hopkins University.

More than 8.8 million COVID-19 cases have been reported in the United States, with the death toll topping 227,000 as of Wednesday afternoon, according to a tally by the university.

Investors were also concerned over intensified COVID-19 restrictions in Europe.

"Uncertainty about COVID-19-related mobility restrictions and U.S. politics mean we should expect volatility to remain elevated for the balance of the year," chief investment officer at UBS Global Wealth Management Mark Haefele said in a note.

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