STOCKS SLIDE IN SHARP SELL-OFF
Wall Street has three consecutive weeks of losses; S&P 500 down 8.4% since peak on Sept. 2
Stock markets fell sharply, then rebounded somewhat, Monday as rattled investors weighed how the death of Supreme Court Justice Ruth Bader Ginsburg and the search for her successor could overshadow coronavirus stimulus talks, and the implications of a blockbuster report on global banks
Financial stocks tumbled after an investigation by Buzzfeed News and the International Consortium of Investigative Journalists reported over the weekend that major Western banks knowingly facilitated suspicious transactions tied to terrorism and illicit drugs.
Dow Jones industrial average fell more than 509 points, or 1.8 percent, to close at 27,147.70. At one point, the blue chip index was down 912 points. The S&P 500 index gave up more than 38 points, or 1.2 percent, to 3,281.06. The broad-based index had been off more than 2.7 percent at the session’s low.
Meanwhile the tech-heavy
Bank stocks hit on report they profited from illicit dealings.
Nasdaq composite shed more than 14 points, or 0.1 percent, to close at 10,778.80.
Wall Street has recorded three consecutive weeks of losses, in line with the market’s traditional September lull but also as the coronavirus recession dovetails with a presidential election.
The market retreat this month was largely fueled by a sell-off in technology stocks and mixed messaging from drugmakers and the Trump administration about the timeline for a coronavirus vaccine and other treatments.
Optimism dimmed on word that a vaccine was not likely to be available to most of Americans until mid-2021, said Kristina Hooper, chief global market strategist at Invesco. But investors also are wary of the contentious political environment domestically, as well as an uptick in coronavirus cases abroad.
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