US STOCKS-Wall Street sinks 3%, Dow at late July lows as pandemic surges

  • 10/28/2020
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(New throughout, updates prices, market activity and comments to market close) NEW YORK, Oct 28 (Reuters) - U.S. stocks tumbled on Wednesday, with the Dow closing at lows last seen in late July, as coronavirus cases soared globally and investors also worried about the possibility of a contested U.S. presidential election next week. The spiraling pandemic and Washington’s failure to reach a deal on new fiscal stimulus before the Nov. 3 election drove all three stock indexes to close almost 3% lower. Twelve U.S. states set records for hospitalized COVID-19 patients on Tuesday, while Germany and France announced plans to shut large swathes of public life for a month as the pandemic surged across Europe. “Obviously the virus is out of control. It’s spiking, it’s bad,” said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago. “The concept that ... it’s going to disappear is just a faulty assumption.”

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