New York — US stocks tumbled on Monday, with the S&P 500 headed for its biggest daily decline in almost seven weeks, as soaring coronavirus cases and uncertainty about a fiscal relief bill in Washington dimmed the outlook for the US economic recovery.
“Fears about Covid-19 resurgence and the continued failure to reach a fiscal policy package between Republicans and Democrats has investors unnerved,” said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.The energy index tracked a more than 3% fall in oil prices, falling 3.9%. The economically sensitive industrials and financials also posted steep declines among S&P sectors.
It is also one of the busiest weeks of the third-quarter earnings season that will see results from mega-cap US tech firms including Apple, Amazon, Google-parent Alphabet and Facebook. Ahead of the close the Dow Jones Industrial Average fell 779.76 points, or 2.75%, to 27,555.81. The S&P 500 lost 78.66 points, or 2.27%, to 3,386.73 and the Nasdaq Composite dropped 251.20 points, or 2.18%, to 11,297.08.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID-19 WRAP | SA records 53 new Covid-19 deaths in 24 hoursA wave of Covid-19 infections has hit Nelson Mandela Bay — and acting mayor Thsonono Buyeye has called on residents to act responsibly. Fact check this ... Paid media Lockdown level 5 loading this festive.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Trump claims pandemic progress as US Covid-19 cases surgePence's chief of staff has tested positive for coronavirus, raising more questions about White House’s safety protocols
Source: BDliveSA - 🏆 12. / 63 Read more »
Much of US Covid-19 relief depends on electionWho wins the presidency and which party controls the Senate will determine the economic reality
Source: BDliveSA - 🏆 12. / 63 Read more »
Just 891 new Covid-19 cases recorded in past 24 hours, along with 40 deathsSA recorded 891 new cases of Covid-19 in the past 24 hours, taking the total number of infections to 716,759.
Source: TimesLIVE - 🏆 28. / 59 Read more »
891 new Covid-19 cases recorded in SAA total of 40 more Covid-19-related deaths have been recorded, with most of the fatalities occurring in North West, Health Minister Zweli Mkhize said. The cases recorded is much better than yesterday. Weekends look like the main problem
Source: IOL - 🏆 46. / 51 Read more »
Ramaphosa to speak on GBV, Covid-19 fraud and ANC trip to Zim on TuesdayGender-based violence hotspots, the ANC's controversial diplomatic trip to Zimbabwe and Covid-19 corruption will be up for discussion when President Cyril Ramaphosa addresses parliament on Tuesday.
Source: TimesLIVE - 🏆 28. / 59 Read more »