The S&P 500 and the Dow suffered their biggest one-day percentage losses in two years after a surge in coronavirus cases outside China fanned worries about the global economic impact of a potential pandemic
New York - The S&P 500 and the Dow Jones Industrial Average on Monday suffered their biggest one-day percentage losses in two years after a surge in coronavirus cases outside China fanned worries about the global economic impact of a potential pandemic.
The technology-heavy Nasdaq fell 3.71%, the biggest daily percentage drop of the three major averages. Of the S&P’s sectors, the defensive utilities, real estate and consumer staples indexes fell the least on the day. “There was this underlying concern that was out there, and obviously over the weekend, it just escalated,” said Stacey Gilbert, portfolio manager for derivatives at Glenmede Investment Management in Philadelphia.
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