On Wednesday, a slew of US stocks had been met with a withering sell-off wave with trade-sensitive Dow dwindling to late-July lows, as a growing concern over a jump in pandemic cases across the globe alongside a dubious November 3 US Presidential election had drove the market participants into a flight-to-safety mode.
On top of that, amid a double whammy of a pandemic resurgence alongside the Trump Administration’s failure to reach an accord over a second-round of trillion-dollar fiscal stimulus before the election day, all three key indices of Wall St.
had rounded off the session more than 3 per cent lower.
Wall St. sinks as pandemic’s fiscal fallouts in focus
In point of fact, followed by a heavy tottering of the European stocks after the German Chancellor Angela Merkel had re-imposed a one-month long partial lockdown, US stocks had opened Wednesday’s session broadly lower, while the sell-off accelerated in the late-afternoon session after the French Government of President Emmanuel Macron had declared a nationwide lockdown, eventually ratcheting up worries among the investors over the pandemic’s fiscal fallouts.
Notably, both Dow and S&P 500 had reported their largest intra-session drop since early-June on Wednesday. In tandem, less than seven days ahead of a fiercely contested US Presidential election, Wednesday’s Wall St.
had witnessed its fear gauge spiking to the highest level since mid-June, while shares’ prices of travels, airlines alongside other leisure-related activities had been met with a withering move towards the downhill slopes, while the energy index faltered as much as 4.2 per cent on demand concerns.
Citing statistics, on Wednesday’s Wall St. round off, the trade-sensitive Dow plunged 3.43 per cent to 26,519.95 and S&P 500 shrugged off 3.53 per cent to 3,271.03, while the tech-heavy Nasdaq was nudged 3.73 per cent lower to 11,004.87 with all of the mega-cap tech conglomerates likes of Apple Inc., Google LLC.
alongside Facebook Inc. drowning more than 4.6 per cent. Meanwhile, addressing to the pandemic’s contribution on the day’s mass-scale genocide of a gauge of US stocks, a chief investment officer at North Start Investment Corp.
in Chicago, Eric Kuby said, “Obviously the virus is out of control. It’s spiking, it’s bad. The concept that ... it’s going to disappear is just a faulty assumption. ”