Dow Sinks 1,800 as Virus Cases Rise, Deflating Optimism
The Dow Jones industrials lost more than 1,800 points, nearly 7%, as increases in coronavirus cases deflated optimism that the economy could recover quickly from its worst crisis in decades.
The pullback Thursday comes after the market has been screeching higher for more than two months at a pace that many skeptics say was overdone and didn't reflect the dire state of the economy.
A day earlier, the Federal Reserve said the road back to recovery would be long.
Bond yields fell sharply, a sign of increasing caution among investors. Crude oil prices sank 8%.