NEW YORK - Wall Street's main indexes closed lower on Monday as concerns about new lockdowns in Europe and possible delays in fresh stimulus from Congress raised fears the US economy faces a longer road to recovery than previously hoped for.
Economic concerns are weighing most heavily on stocks, said David Joy, chief market strategist at Ameriprise."Although nothing is being spared, the economically sensitive groups are getting hit the hardest," said Joy, adding that"Washington appears to be no closer to a possible fourth stimulus package."
"It just kind of crowds out the agenda, the idea that we are going to get a fiscal stimulus package before the election,"said Ed Campbell, portfolio manager and managing director at QMA in Newark, New Jersey."There is also just general election-related jitters ... and possibly that we have a contested or delayed outcome."
In contrast to last week's downturn, declines were led by value-oriented sectors such as industrials, energy and financials as opposed to technology stocks. The Dow Jones Industrial Average fell 509.72 points, or 1.84%, to close at 27,147.7, the S&P 500 lost 38.41 points, or 1.16%, to 3,281.06 and the Nasdaq Composite dropped 14.48 points, or 0.13%, to 10,778.80.
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Source: BusinessTimes - 🏆 15. / 51 Read more »