BUSINESS Dow plunges over 1,800 points as Wall Street suffers worst day since March

BUSINESS

Dow plunges over 1,800 points as Wall Street suffers worst day since March

Xinhua

06:38, June 12, 2020

5a7a2951dda4c842128b45eb.jpg

File photo

NEW YORK, June 11 (Xinhua) -- U.S. stocks ended sharply lower on Thursday with the Dow plunging more than 1,800 points amid a broad market sell-off.

The 30-stock index shed 1,861.82 points, or 6.9 percent, to 25,128.17. The S&P 500 sank 188.04 points, or 5.89 percent, to 3,002.1. The Nasdaq decreased 527.62 points, or 5.27 percent, to 9,492.73. The major averages posted their worst day since mid-March.

All the 11 primary S&P 500 sectors tumbled, with energy and financials down 9.45 percent and 8.18 percent, respectively, leading the losses.

The moves came as coronavirus cases increased in some U.S. states reopening after lockdowns.

More than 2 million confirmed COVID-19 cases have been reported in the United States, with over 113,000 deaths as of Thursday afternoon, according to the Center for Systems Science and Engineering at Johns Hopkins University.

Investors also digested the U.S. Federal Reserve's latest monetary policy and its grim forecast for the economy.

The Fed on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero amid mounting fallout from the COVID-19-induced recession, and indicated interest rates would remain at the current level through at least 2022.

On the data front, U.S. initial jobless claims registered 1.542 million in the week ending June 6, as the pandemic continues to weigh on the labor market, the Department of Labor reported on Thursday. The previous week's level was revised higher to 1.897 million.


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue