Name: Dow Plunges Over 1,800 Points Amid Fears Over A Second Wave Of Coronavirus Cases
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Dow Plunges Over 1,800 Points Amid Fears Over A Second Wave Of Coronavirus Cases

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...© 2022 Forbes Media LLC. All Rights ReservedThis site uses cookiesContinue to SiteTo give you a great browsing experience free of charge, this site uses cookies. Cookies help us personalize content and ads, provide social media features,track your preferences, and analyze traffic. Forbes may share this information with its advertising, analytics, and social media partners, who may use itwith information you have provided to them in connection with their services.For more information:&nbsp;To consent and proceed, click "Continue to Site."Jun 11, 2020,New!Got it!The stock market tanked on Thursday after the Federal Reserve warned of a long economic recovery from the coronavirus recession, and as investors begin to worry about a second wave of new cases as states reopen.The Dow Jones Industrial Average fell 6.9%, over 1,800 points, on Thursday, while the S&amp;P 500 was down 5.9% and the tech-heavy Nasdaq Composite lost 5.3%.Both the S&amp;P and Dow posted their biggest single-day losses since the coronavirus sell-off in March.As states continue to reopen, many that have loosened restrictions have seen a spike in new cases. Wall Street is increasingly worried about a second wave of coronavirus infections: Texas, for example, was one of the first states to reopen, but recently reported three consecutive days of .Stocks that would benefit from a reopening—including airlines, retailers and cruise operators—have all plunged recently, after having led the market rally in the past few weeks.Weekly jobless claims on Thursday, with 1.5 million more Americans filing for unemployment during the week ending June 6. While that number continues to decline, millions remain unemployed and the job market’s recovery is expected to take years.Investors also assessed the Federal Reserve’s on the economy: The Central Bank forecasted a long recovery, with unemployment set to remain high for years.The Fed its two-day meeting on Wednesday by leaving interest rates unchanged near zero and indicating that they will stay there until 2022.That’s how many people have filed for unemployment over the last three months, as the coronavirus pandemic forced businesses to shut down on an unprecedented scale.“We are not even thinking about raising rates,” Federal Reserve Chairman Jerome Powell at his press conference on Wednesday. He added that while “there is great uncertainty about the future,” the Fed is strongly committed to doing “whatever we can, for as long as it takes” to help support the economy.Before this week, stocks had continued to rally on optimism about reopening the economy and a faster-than-expected recovery from the coronavirus recession. The S&amp;P 500 on Monday for 2020, fully recouping its losses from the coronavirus selloff earlier this year. This week, however, stocks have taken a hit amid rising concerns over a second wave of coronavirus cases. With investors rotating out of stay-at-home stocks that would benefit from an economic reopening, big-tech shares have made a comeback. That helped the Nasdaq hit a new on Wednesday, when it closed above 10,000 for the first time ever. Shares of Amazon, Apple, Netflix, Microsoft and Google-parent Alphabet have all been soaring recently, boosting the index higher.(Forbes)(Forbes)(Forbes)(Forbes)(Forbes)&nbsp;to your inbox with the latest insights from experts across the globe.I am a senior reporter at Forbes covering markets and business news. Previously, I worked on the wealth team at Forbes covering billionaires and their wealth. Before that, I wrote about investing for Money Magazine. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter @skleb1234 or email me at sklebnikov@forbes.comLoad more...Loading ...{{^loggedIn}}Sign in here{{/loggedIn}}You've reached your limit of free articles.&nbsp;&nbsp;&nbsp;to continue reading.Subscribe to continue reading.SubscribeSubscribeSubscribefree articlesLearn morefree articlesSubscribefree articlesSubscribefree articlesGet unlimited accessShare© 2022 Forbes Media LLC. All Rights Reserved.

...© 2022 Forbes Media LLC. All Rights ReservedThis site uses cookiesContinue to SiteTo give you a great browsing experience free of charge, this site uses cookies. Cookies help us personalize content and ads, provide social media features,track your preferences, and analyze traffic. Forbes may share this information with its advertising, analytics, and social media partners, who may use itwith information you have provided to them in connection with their services.For more information:&nbsp;To consent and proceed, click "Continue to Site."Jun 11, 2020,New!Got it!The stock market tanked on...

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I am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter @skleb1234 or email me at sklebnikov@forbes.com

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Sergei Klebnikov

Official account of Forbes, the world’s leading voice for entrepreneurial success and free enterprise, and home to breaking news, business, money and more.

Dow Plunges Over 1,800 Points Amid Fears Over A Second Wave Of Coronavirus Cases

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