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Dow plummets 800 points Wednesday, as investors react to uptick in virus numbers

Broad indexes around the globe took losses on Wednesday

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Wall Street
Wall Street
(Spencer Platt / Getty Images)
Updated: October 28, 2020 - 11:57am

The Dow Jones Industrial Average plummeted more than 800 points midday Wednesday, as investors react to the climbing coronavirus numbers that could potentially halt global economic recovery efforts.

The S&P 500 fell 2.9%, suggesting it may take a loss for the third day in a row. The Nasdaq Composite was also trading at 3% lower.

Over the past week, daily coronavirus cases have risen by more than 70,000, according to data compiled by the Johns Hopkins University tracker. Hospitalization rates are also up across more than 35 states in the U.S., though only by a few percentage points, and the death rate has remained constant. 

Stock indexes abroad were also down Wednesday. The German Dax index fell by 4.4% -- its lowest level since late May -- and the FTSE 100 in London lost 3.2%. 

Current market behavior is reflecting uncertainty about rising coronavirus numbers that could be matched with reinstated lockdown measures taking place without a stimulus package from Congress in place. In Germany, Chancellor Angela Merkel called for a reinstated limited lockdown. 

Yesterday, Senate Majority Leader Mitch McConnell sent the upper chamber to recess until November 9, and House Speaker Nancy Pelosi remains at a stalemate with Treasury Secretary Steven Mnuchin over another coronavirus relief plan.