United States stock market has worst day in a month amid election uncertainty

Surging coronavirus infections have prompted a new wave of uncertainty on stock markets

Surging coronavirus infections have prompted a new wave of uncertainty on stock markets

The Nasdaq Composite lost more than 300 points for a loss of almost 3%.

The Dow is down 1,075.25 points, or 3.8%.

USA stocks closed sharply down on Wednesday as surging new coronavirus cases in the country raised fears of more economic damage from the pandemic.

Shares of hotels, airlines and other companies sensitive to Covid-19-related curbs dropped with Wynn Resorts down 2 per cent and the S&P 1500 airlines index declining 3 per cent. The Nasdaq Composite was up 53.17 points, or 0.47%, at 11,412.11.

The daily coronavirus cases in the United States have risen by a record average of 69,967 over the past week, according to John Hopkins University.

Illinois Gov. J.B. Pritzker ordered all restaurants in Chicago, the country's third-largest city, to shut down indoor services starting Friday.

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"Investors" hopes that the COVID pandemic would not force further stringent mitigations measures and/or potential wholesale lockdowns that would push global economies back into "low-consumption mode' appear to be coming under challenge", said Yousef Abbasi, global market strategist at StoneX.

Wall Street also pored through the latest batch of corporate earnings for the previous quarter, including those of tech giant Microsoft. However, its stock dipped 0.3 percent in after-hours trading.

Boeing said Wednesday it plans to cut thousands of additional jobs through next year, because of the decline in air travel.

The blue-chip Dow was weighed down by shares of Caterpillar Inc and 3M Co after the industrial companies reported lower quarterly earnings. The economy is expected to have grown at least at an annual rate of 30% in the July-September quarter, in the last report card before the election. Japan's Nikkei 225 fell 0.3 percent, and Hong Kong's Hang Seng also lost 0.3 percent. Benchmark U.S. crude dropped 6.2 percent to $37.09 per barrel.

Gold prices fell $23.20 to $1,888.70. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.

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