Covid Surge Crashes World Markets
US and global stock markets ended the month with steep losses as surging coronavirus cases make headlines again and are causing investor sentiment to turn negative.
The other issue on investors’ minds is the lack of an agreement on a stimulus bill and the upcoming US general election.
Since the March market collapse from the Covid-19 exogenous shock, this is the largest weekly and monthly downturn yet.
In the eurozone, new coronavirus lockdowns have been put in effect across the majority of its countries.
The following percentages represent the Covid-19 case increases from Sept. 30 to Oct. 30:
• France 119.8%
• The United Kingdom 112.5%
• Italy 95.8%
• Germany 70.14%
• Spain 50.82%
• Puerto Rico 32.91%
• The US 23.5%
Market results for Oct. 30:
• The Dow Jones Industrial Average closed at 26,501.60, down 1,833.73 points, or 6.47%, for a year-to-date (YTD) return of minus-7.14%.
• The Standard & Poor’s 500 closed at 3,269.96, down 195.43 points, or 5.64%, for a YTD return of 1.21%.
• The Nasdaq Composite Index closed at 10,911.59, down 546.69 points, or 4.77%, for a YTD return of 21.61%.
• The Birling Puerto Rico Stock Index closed at 1,632.41, up 63.38 points, or 3.74%, for a YTD return of minus-19.9%.
• The US Treasury 10-year note closed at 0.88%, a change of 27.54%, for a YTD return of minus-0.95%.
• The US Treasury 2-year note closed at 0.14%, a change of 7.69%, for a YTD return of minus-1.2%.