Stock Market Pose For Historic Dip, Wall Street Index Slip

The growing concerns for another wave of COVID-19 infections continue to pose a risk in the stock market.

Investors evacuate as much as they could, leaving major Wall Street index to trade in the red successively.

The Dow30 dropped another 509 points after tumbling 200 points on Friday. This translates to a 1.8% fall to 27,147.70. The session low reached 950 points, spiking worries among investors.

Similarly, the other two indices also recorded significant slid. The S&P500 retracted by 1.2% to 3,281.06, recording a possible correction territory at one point of the trading day.

On the other hand, the Nasdaq composite is still firm with its resolve, recording a modest 0.1% fall to 10,778.80.

The shift to the bearish territory is driven by a combination of political, economic, and market factors.

Among the most significant drivers are threats for renewed lockdowns across Europe as cases continue to rise. Similarly, reports on the discovery “money laundering” and “shady business” transactions of the world’s most powerful banks added to the worry.

It is worth mentioning that the death of Supreme Court Associate Justice Ruth Bader Ginsburg also ignited a political battle for her replacement.

Week In Brief of Major Stock Index

Last week, Standard & Poor’s recorded its third straight weekly loss after recording a 0.64% down on the stock market close.

The same is true with the Nasdaq as it followed the downward course, plotting its consecutive weekly loss at 0.56%.

Although recording a more tolerant blow, the Dow30 capped the week with a 0.03% fall. This is the index’s third straight week of loss that happened the first time in the year.

The tech crunch of Friday propelled the downward trajectory, including concerns for the coming US elections’ outcomes.

Currently, the Dow Jones Industrial Average is down by 3.09% year to date.