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Virus Surge and New Restrictions Batter Markets

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  • European and US stock markets tanked Wednesday while oil prices plunged over five percent as investors braced for tighter lockdown measures to combat soaring coronavirus infection rates, dealers said.
  • Wall Street’s main indices slumped, with the S&P 500 falling 3.5 percent at the close, while Frankfurt ended the day down 4.2 percent, Paris fell by 3.4 percent, and London lost 2.6 percent, with sentiment plagued by an alarming surge in COVID-19 cases in Europe and the United States.
  • US GDP is expected to show a record spike of around 30 percent for the third quarter, but economists warn the big number was fueled by government aid that has now run out, and the gain obscures remaining signs of trouble, especially the slowing pace of recovery.
  • Visit The Financial Today’s homepage for more stories.

NEW YORK — European and US stock markets tanked Wednesday while oil prices plunged over five percent as investors braced for tighter lockdown measures to combat soaring coronavirus infection rates, dealers said.

Wall Street’s main indices slumped, with the S&P 500 falling 3.5 percent at the close, while Frankfurt ended the day down 4.2 percent, Paris fell by 3.4 percent, and London lost 2.6 percent, with sentiment plagued by an alarming surge in COVID-19 cases in Europe and the United States.

More than 500,000 new coronavirus cases were reported worldwide on Tuesday in a new record, according to a tally compiled by AFP.

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