US stocks join global selloff on virus fears, Dow -3pc

Near 1505 GMT, the Dow Jones Industrial Average had fallen 3.1 per cent, or about 840 points, to 26,622.04. — Reuters pic
Near 1505 GMT, the Dow Jones Industrial Average had fallen 3.1 per cent, or about 840 points, to 26,622.04. — Reuters pic

NEW YORK, Oct 28 — Wall Street stocks tumbled today, taking cues from European bourses that sank on fears of broad lockdowns in the continent to address rising coronavirus cases.

The bellwether Dow Jones Industrial Average had fallen 3.1 per cent, or about 840 points, around 1505 GMT, to 26,622.04.

The broad-based S&P 500 also shed 3.1 per cent to 3,287.40, as did the tech-rich Nasdaq Composite Index, which stood at 11,079.01.

The losses came as worldwide coronavirus cases hit a new high of 500,000 today, according to a tally from health authorities compiled by AFP.

French President Emmanuel Macron will address the nation this evening to unveil tougher restrictions as doctors warned that many hospitals are just days away from being overrun with patients.

German Chancellor Angela Merkel also is seeking drastic new curbs, including fresh shutdowns hitting leisure, sports and the food and drink sectors as she holds crisis talks with Germany’s regional leaders to halt surging Covid-19 infections and save the Christmas holiday season.

Besides the coronavirus, investors are also jittery over the US presidential election. Polls showing a tightening of the race in Florida and some other swing states have increased concerns about a potentially contested outcome, even as Joe Biden’s lead over President Donald Trump has widened in some key states.

“There is some renewed election uncertainty and there is an ample basis for buyers to keep to the sidelines, creating lower bids that have the potential to feed even lower prices,” said Briefing.com analyst Patrick O’Hare. — AFP

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