(AP) — The Dow Jones industrials lost more than 1,800 points, nearly 7%, as increases in coronavirus cases deflated optimism that the economy could recover quickly from its worst crisis in decades.
The pullback Thursday comes after the market has been screeching higher for more than two months at a pace that many skeptics say was overdone and didn’t reflect the dire state of the economy.
A day earlier, the Federal Reserve said the road back to recovery would be long.
Bond yields fell sharply, a sign of increasing caution among investors.
Crude oil prices sank 8%.
Original Story:
(AP) — Stocks are falling sharply on Wall Street, pulling the Dow more than 1,500 points lower and placing the S&P 500 on track for its worst day in nearly three months.
The drop marked a reversal for the market following weeks of optimism that the reopening of businesses would drive a relatively quick economic recovery.
Those hopes are fading fast as coronavirus cases spike again.
The S&P 500 was down 4.7% Thursday afternoon.
Stocks have been rallying at a scorching rate over the past two months that many skeptics said was unsustainable.
Bond yields fell sharply, a sign of increasing caution among investors.
