Wall Street Drops Due to Pandemic and Recovery Concerns

The New York Stock Exchange (NYSE) closed lower on Thursday, with the main indices on Wall Street seeing their worst daily losses since June 18.

Rising demand for Treasury bonds and safe haven amid concerns about the rising number of Coronavirus (COVID-19) cases infected mainly with the variants are negatively reflecting on investors’ sentiment with fears that the economic recovery could be slower than previously anticipated.

The Dow Jones Industrial Average dropped by about 260 points, or 0.75%, to close at 34,421.93 points.

The S&P 500 index finished at 4,320.82 points, losing 37.31 points, or 0.86%.

Meanwhile, the Nasdaq Composite index declined by 105.28 points, or 0.72%, to end the session at 14,559.79 points.