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26.10.2020 21:34:00

Fear and Uncertainty: S&P 500 Plunging on Pandemic, Economic Woes

The S&P 500 index (SNPINDEX: ^GSPC) is down almost 80 points, a 2.3% decline, with less than two hours remaining in the trading session on Oct. 26. Today's sell-off comes on growing uncertainty across the economic, political, and health spectrum. Congress and the Trump administration remain at loggerheads over much-needed economic stimulus for the thousands of businesses barely hanging on and the millions of Americans out of work. Cases of COVID-19 are also on the rise, following experts' predictions that the onset of cooler autumn weather would lead to another wave of the deadly pandemic. Today's prize for biggest loser goes to cruise giant Royal Caribbean (NYSE: RCL), with shares down 10.3%. Toy maker Hasbro (NASDAQ: HAS) joined the cruise into a sea of red with shares down 10% after reporting third-quarter earnings. The oil patch hit another slick, with the Energy Select Sector SPDR ETF (NYSEMKT: XLE) losing almost 4% as crude oil prices fell sharply on a combination of pandemic-driven demand worries and supply side pressures. On the -- very modest -- upside, investors looked to be moving into safer sectors. Today's best S&P stock was electric utility American Electric Power (NYSE: AEP), up 2.4%, with no other stock gaining even 2%. The utility sector was the only one to come close to breaking even today, with every other sector falling 1.3% or more. Continue reading
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