Wall Street hits near 7-week low on virus fears, stimulus fog

Wall Street hits near 7-week low on virus fears, stimulus fog

Wall Street’s main indexes hit their lowest in nearly seven weeks on Monday as concerns about fresh coronavirus-driven lockdowns and the inability of Congress to agree on more fiscal stimulus raised fears about another hit to the domestic economy. All the major S&P indexes were down, with energy leading declines as oil prices slid on the possible return of Libyan production and rising coronavirus cases.

Wall Street’s main indexes have tumbled in the past three weeks as investors dumped heavyweight technology-related stocks following a stunning rally that returned the S&P 500 and the Nasdaq to record highs.

Another round of business restrictions will threaten a nascent recovery in the wider economy and add further pressure on equity markets, analysts said. The first round of lockdowns in March had led the S&P 500 to suffer its worst monthly decline since the global financial crisis.

JPMorgan Chase & Co and Bank of New York Mellon Corp fell 2.6% and 1.8%, respectively, on reports that several global banks moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money. The S&P banking subindex lost 2.1%.

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