The Dow Jones industrial average plunged 1,862 points, or 6.9%, to 25,128 Thursday, its biggest drop since mid-March.
A stock market that had clawed within 4.5% of its all-time-high as states reopened economies gave back much of the gains Thursday as COVID-19 cases and hospitalizations spiked amid easing restrictions.“We spent the past several weeks celebrating an economy that was starting to get back online,” says Jason Ware, chief investment officer and chief economist for Albion Financial Group.
The Dow slid 1,862 points, or 6.9%, to 25,128. The Standard & Poor’s 500 index closed down 5.9% at 3,002. And the tech-heavy Nasdaq dropped 5.3% to 9,493."Stocks were overdue for a pullback after rallying more than 40% off the March lows and pricing in what we believe is an overly optimistic economic outlook," says Jeff Buchbinder, equity strategist for LPL Financial.
“The longer this goes on, the more corrosive this becomes to the foundation of the economy,” Ware says.
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