US stocks open sharply lower on coronavirus worries

News24
28 Oct 2020, 23:42 GMT+10

Wall Street stocks were sharply lower early Wednesday, taking cues from European bourses that tumbled on fears of broad lockdowns in the continent to address rising coronavirus cases.

About 15 minutes into trading, the Dow Jones Industrial Average was down 1.4% at 27 072.15.

The broad-based also sank 1.6% to 3 336.05, while the tech-rich Nasdaq Composite Index dropped 2.0% to 11 204.48.

The losses came as worldwide coronavirus cases hit a new high of 500 000 on Tuesday, according to a tally from health authorities compiled by AFP.

French President Emmanuel Macron will address the nation this evening to present tougher restrictions as doctors warned many hospitals are just days away from being overrun with patients.

German Chancellor Angela Merkel is also seeking drastic new curbs, including fresh shutdowns hitting leisure, sports and the food and drink sectors as she holds crisis talks with Germany's regional leaders to halt surging coronavirus infections and save the Christmas holiday season.

Besides the coronavirus, investors are also jittery over the US presidential election. Polls showing a tightening of the race in Florida and some other swing states have increased concerns about a potentially contested outcome.

"There is some renewed election uncertainty and there is an ample basis for buyers to keep to the sidelines, creating lower bids that have the potential to feed even lower prices," said Briefing.com analyst Patrick O'Hare.

Source: News24

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.

More Information

null in null

International

Section

Sources: Meta won’t alter data model, faces fresh EU charges

BRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...

Trump’s tariff push could push US rates above 20%, ICC says

LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...

U.S. Urged to Investigate After Israeli Settlers Beat Palestinian-American to Death

The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...

New Hampshire federal court ruling defies Trump’s citizenship move

CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...

Houthis attack cargo ship in Red Sea, raising maritime safety fears

DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...

Trump administration restarts Ukraine arms deliveries

WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...

Arab

Section