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.”
