Stock markets slide as Covid-19 cases rise

Stock markets slide as Covid-19 cases rise

Publishedduration1 hour ago

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US stock markets are set for their sharpest drop in weeks as concerns about the economic impact of surging coronavirus cases sent shares tumbling.

The Dow Jones Industrial Average was down about 2.5% in mid afternoon trade in New York, while the S&P 500 and Nasdaq both dropped roughly 2%.

Stocks in Europe, where major cities such as Paris have announced new restrictions, also declined.

Shares in travel firms took some of the heaviest losses.

Cruise lines Royal Caribbean Group and Norwegian both dropped more than 8%, while British Airways owner IAG closed 7.6% lower.

US President Donald Trump has vowed to avoid widespread restrictions on activity, like the lockdowns this spring, saying such limits are not worth the economic cost.

But in the US such decisions are typically handled by