US Stocks Meltdown On COVID-19 Resurgence, Growth Worry; Key Indices Down About 2%

NEW YORK (UrduPoint News / Sputnik - 20th July, 2021) US stocks extended their selloff from last week, with key indices falling about 2 percent each, as a resurgence in COVID cases from the Delta variant of the virus and worries over global growth led to a market meltdown.

The Dow Jones Industrial Average, the broadest US equity barometer on the New York Stock Exchange, fell 726 points, or 2.1 percent, to close at 33,962, extending last week's slide of 0.5 percent.

The S&P 500 index, which groups the top 500 stocks on the New York Stock Exchange, fell 65 points, or 1.5 percent, to settle at 4,262. The S&P500 lost 1.0 percent last week.

The Nasdaq Composite, which includes high-flying tech stocks such as Facebook, Amazon, Apple, microsoft, Netflix and Google, finished down 152 points, or 1.

1 percent, at 14,275. Nasdaq lost 1.9 percent last week.

"Risk aversion is firmly in place as the Delta COVID-19 variant spread is triggering a flight to safety as global economic concerns intensify," Ed Moya, head of America's research at New York-based broker OANDA, said.�"Global investors are growing anxious and selling stocks, commodities, and even cryptocurrencies."

Cases involving the coronavirus Delta variant have surged in recent weeks, prompting some countries, including Australia and South Korea, to reintroduce restrictive measures. The United Kingdom on Saturday reported the highest number of daily cases since January 2021 ahead of England's lifting of most restrictive measures on July 19.