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Stocks Stumble on Surge in Virus Cases, Elusive US Stimulus

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Key Points

  • Wall Street had its worst session in weeks Monday, driven by spiking virus cases globally that could mean new business-strangling containment measures, as well as the worsening prospects of new stimulus for the US economy.
  • The Dow closed 2.3 percent lower, the index’s worst session since early September.
  • London ended the day 1.2 percent lower and Paris fell 1.9 percent.
  • Visit The Financial Today’s homepage for more stories.

NEW YORK — Wall Street had its worst session in weeks Monday, driven by spiking virus cases globally that could mean new business-strangling containment measures, as well as the worsening prospects of new stimulus for the US economy.

Despite months of arduous talks, there appears to be little chance Republicans and Democrats will hammer out a rescue deal to help cash-strapped Americans before the November 3 election, with both sides blaming the other for the impasse.

Analysts said investors had essentially given up hope of an agreement and were now betting on Joe Biden and a Democratic sweep of Congress that would open the way for an even bigger spending package in the new year — but any other scenario could mean further deadlock.

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