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Dow Jones plunges over 6% on fears of new virus wave, Fed's outlook

Wall Street plunges to close with biggest one-day loss since March 16

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A trader reacts as he works on the floor of the New York Stock Exchange (NYSE) in New York City. Reuters

Stephen Culp | Reuters New York
Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the US Federal Reserve.
 
All three major US stock indexes lost well over 5%, posting their worst one-day percentage drops since March 16, when markets were sent into freefall by the abrupt economic lockdowns put in place to contain the pandemic. The Nasdaq snapped a three-day streak of record closing highs.
 
The sell-off was broad, with all 11 major sectors of the S&P 500 falling from nearly 4% to well over 9%.
 
"There's really no buy point," said Paul

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