Dow plunges more than 700 points as COVID-19 cases spike

Dow plunges more than 700 points as COVID-19 cases spike

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Financial markets tumbled Wednesday as virus cases surged in the U.S.

October 28, 2020, 2:53 PM

• 3 min read

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Stocks took a tumble Wednesday morning amid uncertainty over rising virus cases and with less than a week to go before the U.S. presidential vote.

The Dow Jones Industrial Average plummeted more than 700 points, or approximately 2.7%, early Wednesday. The S&P 500 slipped 2.8% and the tech-heavy Nasdaq slid 2.8% Wednesday morning.

The sell-off, which began earlier this week, comes amid a new surge in COVID-19 cases in the U.S. Last Friday, some seven months into the crisis, the nation hit a new all-time high of 83,757 new cases in a single day.

On Tuesday, there were 73,240 new cases identified in the U.S., according to a real-time count kept by Johns Hopkins University. The latest daily tally is nearly 6,500 more than the previous day.

Pedestrians pass the New York Stock Exchange, Oct. 14, 2020, in New York.

Pedestrians pass the New York Stock Exchange, Oct. 14, 2020, in New York.

The spike in virus cases and the looming threat of further lockdown measures to quell its spread -- that could potentially hit businesses hard -- has fueled mounting uncertainty among investors. On Tuesday, Illinois announced new restrictions in response to the surge in cases, including banning all indoor dining.

The uncertainty has been compounded as hopes for new stimulus measures remain dim at the moment -- further shaking investors' confidence.

This is a developing story. Please check back for updates.

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