Read more about Wall Street slumps as rise in coronavirus cases dims economic outlook on Business Standard. The Dow Jones Industrial Average fell 361.05 points, or 1.31%, at the open to 27,102.14.
main indexes slumped on Wednesday as a surge in cases in the United States and Europe dashed hopes of a quick global economic recovery. Shares of hotels, airlines and other companies sensitive to Covid-19-related curbs dropped with Wynn Resorts down 2 per cent and the S&P 1500 airlines index declining 3 per cent. The energy index lost about 3 per cent as oil prices fell on fears of lower fuel demand. New cases and hospitalizations set records in the U.S. Midwest, while concerns over a national lockdown in France and tighter restrictions in Germany sapped investor appetite for risk. “Whether you call it a continuation of the pandemic or a third wave of new case discovery – it is the largest concern,” said Art Hogan, chief market strategist at National Securities in New York. “Unless and until we get through this pandemic, it is hard for investors to imagine a better economic time.” A spiraling pandemic and a failure to reach a deal on a fresh round of U.
