Dow drops over 400 pts at close on relief concerns

Monday, 19. October 2020 22:00

Major stock markets in the United States closed in the red territory on Monday amid worries if the new stimulus, aimed at combating the crisis caused by the coronavirus pandemic, will be agreed on soon. Meanwhile, Fed's Vice Chairman Richard Clarida warned that additional fiscal and policy measures might be needed to alleviate the losses. In the meantime, Fed's Bank of Atlanta's Raphael Bostic noted the rising unemployment represented a risk to the country's economy.

The Dow Jones Industrial Average plunged 1.43% or 409 points at the closing as Apple fell by 2.55%. The Nasdaq 100 fell by 1.63% with Ross Stores Inc. declining by 4.37%. The S&5 500 lost 1.48% as Gartner Inc. decreased by 4.41%.

The euro rose by 0.45% against the dollar to exchange hands for $1.17686 at 3:57 pm ET. A minute later, the pound gained 0.18% against the greenback to sell for $1.29427.

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Breaking the News / JR