October 28th, 2020 saw U.S. stocks tumble, with the Dow Jones Industrial (DJI) closing at lows not seen since late July as increased COVID-19 cases were reported globally and fears over a contested U.S. presidential election loom.
The sell-off accelerated during the session’s final moments, with postings of the biggest single-day decline since June 11th. The 3% drop in closure can be attributed also to Washington’s failure to reach a new fiscal stimulus agreement before the November 3rd elections. However, the losses were seen broadly, with technology stocks suffering a 4.33% loss as well.
The DOW fell 943.24 points, or 3.43%, the S&P 500 lost 119.65 points, or 3.53%, and the Nasdaq Composite dropped to 426.48 points, or 3.73%.
Only General Electric Co managed to pull through, having jumped 8% despite their cost cuts and improvements to various businesses.
Overall, declining issues significantly outnumber advances on all markets.