Dow Jones Drops 650 Points As Stock Market Plummets Due To Rise In COVID-19 Cases
Written by on October 27, 2020
U.S. stocks dropped on Wall Street Monday, losing 650 points in their worst day since early September. The Dow Jones Industrial Average closed the day down 650.19 points, or 2.29%, for its worst day since Sept. 3 after falling by as much as 890 points earlier in the day. The S&P 500 was down about 1.86% and the Nasdaq Composite fell 1.64%.
Analysts say stocks tumbled in part due to the rising number of COVID-19 cases in the United States and the lack of additional stimulus to aid businesses and Americans. There were about 300,000 new cases nationwide between Thursday and Monday.
Rising cases caused travel stocks to sink. Royal Caribbean dropped 9.65% and Norwegian Cruise Line declined 8.45%, while United Airlines fell 7.02% and American Airlines slid 6.35%.
The House passed a new round of aid months ago but the Senate has failed to reach a consensus and weeks of negotiations between Democratic lawmakers and White House officials have failed to produce an agreement.