Wall Street's three major indexes collapsed dramatically on Thursday with the Dow plunging almost 7% while the S&P 500 and the Nasdaq sunk more than 5%, all posting their biggest one-day percentage drops since March 16
All three major U.S. stock indexes lost well over 5%, posting their worst one-day percentage drops since March 16, when markets were sent into freefall by the abrupt economic lockdowns put in place to contain the pandemic. The Nasdaq snapped a three-day streak of record closing highs.
“There’s really no buy point,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “It’s pretty much selling all the way through.”“Everything’s for sale,” Ghriskey added. “There’s fear we’re near a top.”Deaths of Americans from COVID-19 could reach 200,000 in September, a grim result of the United States’ economic re-opening before getting growth of new cases down to a controllable level, according to a leading health expert.
“The Fed keeping rates steady through 2022 could give investors the impression that the Fed may be more concerned about the pace of economic recovery than originally anticipated,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. A year-on-year drop in core producer prices also reflected the central bank’s disinflationary concerns.
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