There have been many reports of a second coronavirus wave emerging, and as a result of the reports, the Dow Jones has taken a massive hit.
Dow Jones Industrial Average closed down 1,861 points, or in percentage terms 6.9%. The S&P 500 reduced by 5.9%, and the airline industry, as well as the hospitality industry, were unexpectedly the ones that took a large hit as well. This dive happened shortly after Texas reported 2,504 new coronavirus cases, which is the most since the pandemic began. Coronavirus spikes are also being reported in the following states: Florida, California, and Arizona. If you are wanting to find out what other states are having rises in cases, find out here.
The small pockets of spikes being seen across the country in numerous locations may have spooked investors to pull their money out. Fed Chairman Jerome Powell has said in a news conference that the central banks are working towards a recovery of the economy, and that their efforts will be "as robust as possible". The Fed did warn that "It is a long road. It is going to take some time." For more information about this, check out this link here.
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