World News – CA – Dow drops more than 650 points as US records daily COVID cases

Posted: 14:06 GMT, October 26, 2020 | Update: 3:25 p.m. GMT, October 26, 2020

Shares fell Monday morning after the country hit a record number of daily coronavirus cases over the weekend and amid stalled stimulus control talks

The Dow Jones Industrial average fell more than 600 points on Monday, trading 650 points lower, or more than 23 percent, by 1106h00

The country reported more than 83,000 new infections on Friday and Saturday, surpassing July’s record of 77,300 new daily cases, according to data from Johns Hopkins University

The United States also set a record for new coronavirus cases reported in a single week with more than 481,300 as infections continue to rise in the Midwest and South

Monday’s market is shaping up to be the biggest one-day drop since September 3, when the Dow Jones plunged 800 points

The Dow Jones traded 650 points lower, or more than 23%, on Monday morning as stocks plunged after the United States hit a new record of daily coronavirus cases in the weekend

The country reported more than 83,000 new infections on Friday and Saturday, surpassing July’s record of 77,300 new daily cases A view of patients queuing outside a COVID-19 testing center in New York above October 7

The stocks that fell are those that have been hit hard by the surge in cases, including Royal Caribbean, which saw its shares drop 9% and Delta Airlines, which fell 43 percent

‘The market is expected to decline in the near term (first SPX support at 3,209) amid disappointment of Stimulus virus resurgence and heightened electoral uncertainty,’ ‘said Julian Emanuel, strategist at BTIG, at CNBC

Global markets were also hit on Monday, with France’s CAC 40 falling more than 1%, Britain’s FTSE 100 down 02% and Japan’s Nikkei 225 down 01 percent

However, some tech companies have seen gains amid news that people are spending more time at home due to the increase in coronavirus cases, with Amazon climbing 1% and Zoom Video gaining 26 for hundred

This week is crucial for hundreds of companies, as around a third of companies in S&P 500 are expected to report profits in the next few days

Major averages are expected to post modest gains this month, with the S&P 500 and the Nasdaq both rising over 3% so far The Dow Jones is up around 2% this month

The United States has set a record for new coronavirus cases reported in a single week with more than 481,300 as infections continue to rise in the Midwest and SouthThe seven-day moving average of daily new cases s’ rose to 68,767 after Sunday – the highest since late July and a 59 percent increase from the previous week, according to the COVID monitoring project

The average number of daily deaths reached 807 in the week ending Sunday – the highest since mid-September, but down 70% from the maximum seven-day average of 2,715 in April In the past week, 5,633 new deaths have been reported

The staggering increase in virus cases led White House Chief of Staff Mark Meadows to say on Sunday that the United States would not control the pandemic

Adding to virus concerns, hopes of a last-minute stimulus deal ahead of the election only faded over the weekend as Meadows and House Speaker Nancy Pelosi pulled together are expressed in separate interviews, accusing the other of slowing down discussions

Today, more than 8 million Americans have been infected with COVID-19 and there have been more than 225,000 deaths

The seven-day moving average of daily new cases was 68,767 after Sunday – the highest since late July and a 5.9% increase from the previous week, according to the COVID Tracking Project

The highest rates of new infections come from the southern and midwestern states, which accounted for 66% of daily new cases in the past week

A total of 481,372 new cases were added to the country’s case count of more than 863 million between October 19 and 25 – a period that included two record days for new cases on Friday and Saturday, both exceeding 80,000

Hospitalizations have also increased across the country with more than 41,753 people admitted Sunday, up from 36,428 the previous Sunday

Twenty-eight states reported their daily record for COVID-19 cases in the month of October alone, fueling fears that the pandemic will accelerate again as cooler weather sets in in many regions of the country

Seven states – Indiana, North Dakota, Montana, Oklahoma, Utah and Ohio – saw record one-day increases in new infections on Thursday, followed by records in 16 states Friday

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Dow Jones Industrial Average, Coronavirus, Stock, S&P 500 Index, Stock Exchange, NASDAQ