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U.S. markets experience worst weekly decline since March


Oct. 30 (UPI) — The Dow Jones Industrial Average closed down more than 150 points Friday as all three major indexes wrapped up their worst week since March.

The Dow finished Friday down 0.6%, while the S&P 500 dropped 1.2% and the Nasdaq Composite dropped 2.5%.

Though the U.S. Commerce Department reported an improvement in economic and income numbers this week, uncertainty about a new stimulus bill and more lockdowns in Europe in response to the COVID-19 pandemic caused stocks to plummet.

The Dow closed down 6.5% for the week, while the S&P 500 dropped 5.6% and the Nasdaq fell more than 5.5%. Each had their worst single-week performance since March, the beginning of coronavirus cases in the United States.

The tech-heavy Nasdaq was particularly hard hit by a 20% drop in shares of Twitter after the company’s latest earnings report Thursday.

“Massive policy stimulus, positive medical developments and high hopes for a return to pre-pandemic economic activity levels have provided a solid boost to equity markets, MRB Partners strategists said, according to CNBC.

“However, mounting new economic restrictions, particularly in Europe, despite being forecastable and in lagged response to the re-acceleration in COVID-19 infections, only caught investors’ attention this week, triggering sharp losses.”


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