The Standard & Poor’s 500 index dropped 1.6%, its worst day in more than three weeks. The benchmark index had been up 0.5% in the early going following a report that China’s economy grew at a 5% annual rate in the last quarter. The market’s slide was broad, though technology, healthcare and communication stocks bore the brunt of the selling. Treasury yields were mixed.
Uncertainty over when more aid for the economy may arrive, signs new coronavirus infections are surging and the upcoming election will likely make for a volatile few weeks, analysts say.The S&P 500 fell 56.89 points to 3,426.92. The Dow Jones industrial average of big blue chips dropped 410.89 points, or 1.4%, to 28,195.42. The Nasdaq composite extended its losing streak to a fifth day, falling 192.67 points, or 1.7%, to 11,478.88.
Stocks have been mostly pushing higher this month after giving back some of their big gains this year in a sudden September swoon. The benchmark S&P 500 has notched a gain in each of the last three weeks. Even so, trading often has been choppy from one day to the next, reflecting uncertainty over the timing of more stimulus for the economy, something investors have been hoping for since July, when a supplemental $600-a-week unemployment benefit package ran out.
AMC Entertainment was among the few gainers Monday. Its shares jumped 16.4% after the movie theater chain said it plans to resume operations in theaters in New York State later this week.
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