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Specialist Gregg Maloney works on the floor of the New York Stock Exchange on Monday. Associated Press
NEW YORK – Stocks skidded on Wall Street and investors sought refuge in government bonds amid worries that a surge in virus infections around the world will threaten the economic recovery.
The S&P 500 lost 1.6% Monday and the Dow Jones Industrial Average gave up 725 points, or 2.1%.
Market watchers had been warning that stock valuations were getting stretched with indexes hitting record highs as recently as last week. Treasury yields sank further as investors scrambled to move into assets seen as safer.
Airlines and stocks of other companies that would get hurt the most by potential COVID-19 restrictions took some of the heaviest losses, similar to the early days of the pandemic in February and March 2020. United Airlines lost 6.2%, mall owner Simon Property Group dropped 6%, and cruise operator Carnival fell 5.6%.
Stocks Took A Hard Hit Here Are 3 Things To Know northcountrypublicradio.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from northcountrypublicradio.org Daily Mail and Mail on Sunday newspapers.