NEW YORK — Stocks around the world are tumbling Wednesday on worries the worsening pandemic will mean more restrictions on businesses and drag down the economy.
The Dow Jones Industrial Average dropped 943 points Wednesday as surging coronavirus cases in the U.S. and Europe threaten more business shutdowns and pain for the economy. The S&P 500 dropped 3.5%, its third straight loss.
The index has now given up 5.6% so far this week and is on track for its biggest weekly fall since March, when markets were in a downward spiral. European markets also sank.
Crude oil prices fell sharply as investors anticipated that demand for energy will weaken along with the economy. Treasury yields fell as investors sought shelter in safer assets.
Markets were dropping even more sharply in Europe, where investors expect the French president to announce tough measures to slow the virus’ spread and German officials agreed to impose a four-week partial lockdown.
The measures may not be as stringent as the shutdown orders that swept the world early this year, but the worry is they could still hit the already weakened global economy.