The US markets ended lower on Wednesday amid continued concerns about a recent spike in coronavirus cases across the US. The US has averaged more than 70,000 new coronavirus cases a day over the past week, with 29 states setting new records this month for the most new daily cases since the pandemic began in February. More than 8.78 million cases have been reported nationwide and at least 226,000 people have died of COVID-19, according to data from John Hopkins University (JHU). According to JHU, the average number of daily new cases this past week is up 21 percent compared to the previous week.
The jump in new infections has also been accompanied by an increase in hospitalizations and deaths, leading to worries about new lockdowns. Meanwhile, President Donald Trump has continued to downplay the pandemic in recent days, accusing the media of focusing too much on the disease ahead of next week's elections. Besides, lingering uncertainty about a new stimulus bill also weighed on markets, with some analysts suggesting a victory by Joe Biden could make Republicans less likely to approve a new relief package until next year.
Dow Jones Industrial Average dropped 943.24 points or 3.43 percent to 26,519.95, Nasdaq fell 426.48 points or 3.73 percent to 11,004.87 and S&P 500 was down by 119.65 points or 3.53 percent 3,271.03.
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