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America’s 10 Richest People Are $14 Billion Poorer As Stock Market Has Its Worst Day In Almost Two Months

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The Dow fell 2.3% on Monday as new coronavirus cases surged to a record high just over a week before the election.
U.S. stock market indices plunged on Monday amid a resurgence in coronavirus cases, causing America’s ten richest people to shed billions of dollars from their fortunes. A surge in coronavirus cases—both domestically and globally—weighed on market sentiment just eight days before the November presidential election. The United States saw a record suge in average daily coronavirus infections over the weekend, surpassing a previous record set in July, according to data from Johns Hopkins University. Adding to market uncertainty are the stalled negotiations in Washington for another fiscal stimulus bill. Investors are hoping for signs of progress on another coronavirus relief package before the election, but stimulus talks have remained deadlocked. What’s more, hundreds of companies, including tech giants like Amazon and Google-parent Alphabet, are set to report quarterly earnings this week amid heightened market volatility ahead of the election. The Dow Jones Industrial Average fell 650 points, or 2.3%, as of market close on Monday, while the S&P 500 slid 1.9% and the tech-heavy Nasdaq Composite dropped 1.6%. It was the Dow’s worst single-day drop since September 3.

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