Dow closes more than 300 points lower amid fears virus resurgence could slow down economic recovery
Stocks fell on Thursday as an increasing number of U.S. coronavirus cases raised concerns over the health of the economy heading into year-end.
The Dow Jones Industrial Average dropped 317.46 points, or 1.1%, to 29,080.17. The 30-stock average fell as much as 495 points earlier in the session. The S&P 500 slid 1.0%, or 35.65 points, to 3,537.01, while the Nasdaq Composite dropped 0.7%, or 76.84 points, to 11,709.59.
Thursday’s decline left the S&P 500 just 0.8% above its Friday closing level of 3,509.44, giving back most of the gains from the vaccine rally earlier this week.
The major averages turned sharply lower after Federal Reserve Chairman Jerome Powell said the U.S. economic outlook remained uncertain even after this week’s positive vaccine news.
“From our standpoint, it’s just too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term,” Powell said regarding the vaccine. “With the virus spreading, the next few months could be challenging.”
Reference: CNBC
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