Sell-off rattles Wall Street

Business | 22 Sep 2020 8:19 am

Wall Street slumped Monday as markets tumbled worldwide on worries about the pandemic’s economic pain, though the S&P 500 had pared its losses by the end of the day.

The drops began in Asia as soon as trading opened for the week, and they accelerated in Europe on worries about the possibility of tougher restrictions there to stem rising coronavirus counts. In the U.S., stocks and Treasury yields weakened, while prices sank for oil and other commodities that a healthy economy would demand.

The S&P 500 fell by 38.41 points, or 1.2 percent, at 3,281.06. It extends the index’s losing streak to four days, its longest since stocks were selling off in February on recession worries. But a last-hour recovery helped the index more than halve its loss of 2.7 percent from earlier in the day.

The Dow Jones Industrial Average fell by 509.72, or 1.8 percent, at 27,147.70 after coming back from an earlier 942 point slide. The Nasdaq composite slipped by 14.48, or 0.1 percent, at 10,778.80 after recovering from a 2.5 percent drop.

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