Stocks tumble on concerns about no stimulus deal and more Covid restrictions to come
Frank Franklin II/AP
By Anneken Tappe, CNN Business
Wall Street opened sharply in the red on Thursday. Investors have plenty to worry about: There is still no US stimulus deal on the horizon and Europe is returning to restrictions to limit the spread of Covid-19.
The Dow opened 1.1%, or 322 points, lower, while the S&P 500 — the broadest measure of the US stock market — fell 1.3%.
The Nasdaq Composite opened down 1.6%.
It’s looking to be the third straight day of losses for the three indexes.
European stocks look even worse: They were deep in the red as the opening bell rang in New York, with the FTSE in London falling more than 2% and Germany’s DAX down nearly 3%. Various European cities rolled out renewed restrictions to limit the spread of the pandemic after the continent saw rapidly increasing infection numbers.
Back in the United States, investors are still keeping fingers crossed for another stimulus deal before the presidential election in a mere 19 days.
But it doesn’t look good. Treasury Secretary Steven Mnuchin said Wednesday although Democrats and Republicans “continue to make progress on certain issues,” the two sides “still remain far apart” on others.
On top of that, investors got a mixed bag of economic data Thursday morning.
First-time jobless claims rose and more people moved onto benefit programs designed to bridge the gap after regular aid rolls off.
Meanwhile, the New York Federal Reserve Bank’s manufacturing index came in far lower than expected, while the Philadelphia Fed’s business index beat expectations.
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