Dow drops 500 pts on close as COVID concerns grow

Monday, 21. September 2020 22:00

Shares on Wall Street were mostly lower at the closing bell on Monday with the Dow Jones Industrial Average falling by more than 500 index points as worries over the resurgence of the coronavirus pandemic went up. The number of deaths caused by the virus in the United States jumped to nearly 200,000, raising fears over the pace of the economic recovery from the crisis.

Meanwhile, the US Congressional Budget Office unveiled that the country's public debt is estimated to amount to 98% of GDP this year, while it is expected to surge to 195% of GDP by 2050.

The Dow plummeted 1.85% or 510 index points to end the session with American Express' losses exceeding 5%, while the S&P 500 surrendered 1.16% at the same time as Federal Realty Investment Trust sank more than 10%. The Nasdaq 100 recovered losses recorded during the session to close 0.40% in the green territory with Zoom Video Communications gaining almost 7%.

The euro slid 0.64% against the dollar, going for $1.17638 at 4:03 pm ET.

Related Links: 
Breaking the News / GA