BUSINESS Dow drops over 300 points shortly after open amid coronavirus concerns

BUSINESS

Dow drops over 300 points shortly after open amid coronavirus concerns

Xinhua

23:41, October 26, 2020

File photo: VCG

NEW YORK, Oct. 26 (Xinhua) -- Wall Street's major averages opened sharply lower on Monday as investors grew concerned over a spike in U.S. COVID-19 cases.

Shortly after the opening bell, the Dow Jones Industrial Average dropped 333.79 points, or 1.18 percent, to 28,001.78. The S&P 500 fell 33.56 points, or 0.97 percent, to 3,431.83. The Nasdaq Composite Index decreased 67.63 points, or 0.59 percent, to 11,480.65.

All the 11 primary S&P 500 sectors moved noticeably lower, with energy down 2.7 percent in morning trading, leading the losses.

The moves came after COVID-19 cases continue to surge at a record rate in the United States.

The country saw more than 83,000 new infections on both Friday and Saturday, exceeding a previous single-day record of about 77,300 cases set in July, according to data compiled by Johns Hopkins University.

The tally also showed that the United States has reported more than 8.6 million cases infections in total, with the death toll topping 225,000 as of Monday morning local time.

U.S. equities pulled back last week as investors monitored developments regarding additional U.S. coronavirus stimulus, while digesting some earnings reports.

For the week ending Friday, the Dow lost 1 percent, the S&P 500 declined 0.5 percent, and the Nasdaq dropped 1.1 percent.

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