U.S. markets experience worst weekly decline since March

A banner for the Chinese retailer Miniso hangs outside at the New York Stock Exchange after the opening bell at the NYSE on Wall Street in New York City on Thursday. The tech-heavy Nasdaq had its worst weekly performance since March this week. File Photo by John Angelillo/UPI

Oct. 30 (UPI) — The Dow Jones Industrial Average closed down more than 150 points Friday as all three major indexes wrapped up their worst week since March.

The Dow finished Friday down 0.6%, while the S&P 500 dropped 1.2% and the Nasdaq Composite dropped 2.5%.

Though the U.S. Commerce Department reported an improvement in economic and income numbers this week, uncertainty about a new stimulus bill and more lockdowns in Europe in response to the COVID-19 pandemic caused stocks to plummet.

The Dow closed down 6.5% for the week, while the S&P 500 dropped 5.6% and the Nasdaq fell more than 5.5%. Each had their worst single-week performance since March, the beginning of coronavirus cases in the United States.

The tech-heavy Nasdaq was particularly hard hit by a 20% drop in shares of Twitter after the company’s latest earnings report Thursday.

“Massive policy stimulus, positive medical developments and high hopes for a return to pre-pandemic economic activity levels have provided a solid boost to equity markets, MRB Partners strategists said, according to CNBC.

“However, mounting new economic restrictions, particularly in Europe, despite being forecastable and in lagged response to the re-acceleration in COVID-19 infections, only caught investors’ attention this week, triggering sharp losses.”


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