Stocks pointed sharply lower Monday as new data showed a jump in COVID-19 cases in both the U.S. and Europe. Restrictions tightened across major countries overseas, raising the specter of a further pullback in business operations and deeper anchor on global economic activity.
Losses accelerated around 11 a.m. ET, with the Dow dropping more than 650 points, or 2%. The S&P 500 and Nasdaq each also retreated sharply.
“Markets ultimately care about the economic impact of pandemic news,” UBS economist Paul Donovan said in a note Monday morning. “Italy and Spain have followed France in adopting the ‘Buffy the Vampire Slayer’ approach (it is not safe to be out of doors after dark). This is obviously bad news for bars and restaurants, but more positive for supermarkets and home entertainment.”
As of 12:39 PDT:
