S&P 500 sinks 3.5% as surging virus cases threaten shutdowns
The Dow Jones Industrial Average dropped 943 points Wednesday as surging coronvirus cases in the U.S. and Europe threaten more business shutdowns and pain for the economy. The S&P 500 dropped 3.5%, its third straight loss. The index has now given up 5.6% so far this week and is on track for its biggest weekly fall since March, when markets were in a downward spiral. European markets also sank. Crude oil prices fell sharply as investors anticipated that demand for energy will weaken along with the economy. Treasury yields fell as investors sought shelter in safer assets.
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