BUSINESS US stocks open sharply lower amid coronavirus fears

BUSINESS

US stocks open sharply lower amid coronavirus fears

Xinhua

21:58, October 28, 2020

File photo: VCG

NEW YORK, Oct. 28 (Xinhua) -- U.S. equities opened sharply lower on Wednesday, after Wall Street grew concerned over the country's soaring COVID-19 infections.

Shortly after the opening bell, the Dow Jones Industrial Average plunged 569.82 points, or 2.07 percent, to 26,893.37. The S&P 500 dropped 61.69 points, or 1.82 percent, to 3,328.99. The Nasdaq Composite Index shed 189.54 points, or 1.66 percent, to 11,241.81.

All the 11 primary S&P 500 sectors moved lower, with energy and technology both down about 2.5 percent in morning trading, leading the losses.

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

Nationwide daily cases have risen by an average of nearly 70,000 over the past week, according to a CNBC analysis of data from Johns Hopkins University.

More than 8.78 million COVID-19 cases have been reported in the United States, with the death toll topping 226,700 as of Wednesday morning local time, according to a tally by the university.

Experts noted that market participants were worried that the surge in U.S. coronavirus infections could slow down economic recovery.

"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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