The Dow shed as much as 900 points and the CBOE Market Volatility index, Wall Street’s fear gauge, shot up to its highest level in nearly two weeks. The S&P 500 ended down less than 9 per cent from its record high on Sept. 2 after paring losses that had pushed the benchmark almost into corrective territory. Tech stocks and financials led the losers with American Express AXP down 5.49 per cent and Dow Inc. 5.34 per cent less. The tech-heavy Nasdaq Composite Index shed 0.94 per cent.
A new aid deal may be unlikely before the November vote where a polarized electorate is confronted with how soon to replace Ginsburg. Democrats want a delay until after January’s inauguration; Republicans, down slightly in the polls, are pushing for as soon as possible. The result is key for the so-called Obamacare, as well as health-care and insurance stocks.Article content continued
Meanwhile, financial stocks were hit by reports that several large banks helped launder allegedly illegal funds since 2000 even though there had been watchdog concerns filed about the transactions.“We’ve had a lot of negative news flow, investors are quite skittish, it’s part election, part COVID, part the banking stuff that hit over the weekend,” Brian Belski, chief investment officer at BMO Capital Markets, said by phone from Minneapolis.
Nikola Corp., a maker of electric trucks, sank 18.2 per cent after founder Trevor Milton resigned as executive chairman following allegations of nepotism and fraud. General Motors Co, which said it would take an 11 per cent holding in Nikola, lost 5.7 per cent at one point before regaining.“The market dynamics of technology and communications services and consumer discretionary should be bought. Financials and communications services are the places to be in in Canada.
A European travel and leisure stock index recorded its worst two-day plummet since April as holders of airline, travel and hotel shares reacted to the threat of a second round of lockdowns in the region.
Gold/silver
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nationalpost - 🏆 10. / 80 Read more »