Wall Street declines on lockdown concerns, stimulus impasse
Wall Street’s major indexes were seen at lows on Monday. The decline could be attributed to investors’ subdued sentiment as the possibility of lockdown in Europe and delays in stimulus from the Congress highlight a bumpy economic recovery.
The death of U.S. Supreme Court Justice Ruth Bader Ginsburg also restricted another round of stimulus from pushing through, triggering massive downturns in the healthcare sector.
The Dow recorded a 900-point decline as the CBOE Market Volatility index, Wall Street’s fear gauge, reached its sharpest level in nearly two weeks. The S&P 500 was seen 9% lower, declining from its record peak seen on Sept. 2.
Wall Street was seen suffering from a series of declines in the past three weeks as investors dropped technology-related stocks. Investors had resorted to safer assets after a strong rally that drove the S&P 500 and the Nasdaq up.