Wall Street's Dow Suffers Biggest Drop Since May 1 Based On Fears Of New Coronavirus Cases

NEW YORK (Pakistan Point News / Sputnik - 25th June, 2020) Wall Street's key stocks index, the Dow Jones Industrial Average, fell nearly 3 percent on Wednesday in a biggest daily drop since May 1 after a global spike in new coronavirus infections and a grim forecast on the global economy by the International Monetary Fund.

The Dow, the broadest indicator on the New York Stock Exchange, closed down 2.7 percent at 25,447.

The S&P 500, a barometer for the top 500 US stocks, settled down 2.6 percent at 3,051. The technology-heavy Nasdaq Composite finished down 2.2 percent at 9,909.

The propensity for risk decreased across markets as countries from China to India and Germany reported higher incidences of novel coronavirus infections. In the United States, more than half of all the 50 states reported an increase in cases.

The IMF predicted a decline of almost 5 percent in world growth for 2020, substantially worse than its forecast in April.