DOW PLUNGES 710 PTS ON COVID-19 SPIKE, OIL MARKET SKID
US equities slid on Wednesday as rising coronavirus case counts around the world renewed fears of a slow economic recovery, Ben Winck reported for Business Insider on June 25, 2020.
COVID-19 cases have increased in California, Texas, and Florida, raising fears that economic reopenings will fuel a second wave of the pandemic. Investors also braced for a new tariff announcement after a late notice on Tuesday said the Trump administration was mulling duties on $3.1 billion worth of European exports from France, Germany, Spain and the UK that would surely spark a new trade war. Rising case counts in Germany and China suggest economic pain will last abroad as well.
Oil fell, with West Texas Intermediate crude sliding back well below $40 per barrel at intraday lows. Rising case counts in Germany and China suggest economic pain will last abroad as well.
Here's where US indexes stood at the 4 p.m. ET market close on Wednesday: S&P 500 at 3,050.34, down 2.6%; Dow Jones Industrial average at 25,446.14, down 2.7% (710 points), and; Nasdaq composite at 9,909.17, down 2.2%.