NEW YORK (Reuters) – Wall Street plunged on Thursday as investors reacted to restored worries of a pandemic renewal and digested ugly economic projections from the U.S. Federal Reserve.
All 3 major U.S. stock indexes lost well over 5%, publishing their worst one-day percentage drops given that March 16, when markets were sent into freefall by the abrupt financial lockdowns put in place to contain the pandemic. The Nasdaq snapped a three-day streak of record closing highs.
The sell-off was broad, with all 11 significant sectors of the S&P 500 falling from nearly 4%to well over 9%.
” There’s actually no buy point,” said Paul Nolte, portfolio supervisor at Kingsview Property Management in Chicago. “It’s pretty much offering all the way through.”
Tim Ghriskey, primary investment strategist at Inverness Counsel in New york city, agreed.
” Everything’s for sale,” Ghriskey included. “There’s worry we’re near a top.”
Deaths of Americans from COVID-19 might reach 200,000 in September, a grim result of the United States’ economic re-opening prior to getting development of new cases down to a manageable level, according to a leading health specialist.
At the conclusion of its two-day financial policy conference on Wednesday, the U.S. Federal Reserve released its first pandemic-era financial outlook, after which Chair Jerome Powell war