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Stocks have their worst day in a month as virus cases surge

Stocks have their worst day in a month as virus cases surge
Posted at 2:44 PM, Oct 26, 2020
and last updated 2020-10-26 16:44:25-04

The stock market had its worst day in a month as virus cases surge and help for the economy from Washington remains nowhere in sight.

The S&P 500 fell 1.9% Monday, deepening its losses from last week. Stocks of companies that need the virus to abate and the economy to return to normal had some of the biggest losses. Cruise lines and airlines fell sharply. Energy stocks also dropped in tandem with crude oil prices.

In another sign of caution, Treasury yields pulled back after touching their highest level since June last week. Overseas markets also fell.

The drop in stock value came as coronavirus cases reached peak levels in the US over the weekend, while White House chief of staff Mark Meadows proclaimed that the US would be unable to contain the spread of the virus.