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Friday, June 25, 2021

Dow plunges 1861 points

Duration: 01:22s 0 shares 1 views
Dow plunges 1861 points
Dow plunges 1861 points

Wall Street plummeted Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve.

Fred Katayama reports on the market action.

A broad massive sell-off slammed Wall Street Thursday.

The Dow nose-dived, plummeting more than 1800 points.

Fears of a possible second wave of coronavirus infections coupled with the Fed's grim economic forecast had investors running for the exits.

June's leaders - energy and financials - were the biggest decliners.

The major indexes wiped out this month's gains and posted their biggest one-day decline in nearly three months.

The blue-chip index shed nearly 7% Thursday and the broader index plunged almost 6%.

Nasdaq lost more than 5%.

National Securities' chief market strategist Art Hogan: "Today, everything went south, and once it started heading south, people were like, 'You were right.

This has been overdone.

We all know that.

Let's get out of the way.'" Interest-sensitive bank shares fell.

Fed policymakers said Wednesday they see key interest rates remaining near zero through at least 2022.

Boeing shares got hit with a wave of sell orders.

Its top supplier, Spirit AeroSystems, said it's laying off those working on Boeing 737 components for 21 days.

But investors were hungry for Grubhub.

Shares of the online food delivery firm jumped after it agreed to sell itself to Just Eat Takeaway for $7.3 billion.