⁍ The sell-off accelerated during the session’s final minutes,with both the Dow and benchmark S&P 500 posting their biggest single-day declines since June 11.
⁍ Investors are worried about various potential outcomes: that the election may be contested; a ‘blue wave’ gives Biden a victory and his Democrats control of Congress.
– The Dow fell more than 1,000 points on Wednesday, its biggest single-day drop since June, as investors worried about the possibility of a hung election next week. The Dow dropped 943 points, or 3.4%, to 26,519.95, while the S&P 500 and Nasdaq fell by similar percentages of 3.5% and 3.7%, respectively, per Reuters. The sell-off accelerated during the session’s final minutes, with both the Dow and benchmark S&P 500 posting their biggest single-day declines since June 11. Twelve US states set records for hospitalized COVID-19 patients, while Germany and France announced plans to shut large swathes of public life for a month as the pandemic surged across Europe. “Obviously the virus is out of control. It’s spiking, it’s bad,” said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago. “The concept that … it’s going to disappear is just a faulty assumption.”
Source: https://www.reuters.com/article/us-usa-stocks/wall-street-sinks-3-dow-at-late-july-lows-as-pandemic-surges-idUSKBN27D1L6