At the close of trade, the Dow Jones Industrial Average index fell 317.46 points, or 1.08%, to 29,080.17. The S&P 500 index dropped 35.65 points, or 1%, to 3,537.01. The tech-heavy Nasdaq Composite Index sank 76.84 points, or 0.65%, to 11,709.59.
The selloff emerged on Wall Street as the recent surge in coronavirus cases across the U.S. and Europe has led to renewed concerns about the economic outlook. According to data from John Hopkins University, the U.S. reported more than 144,000 new coronavirus cases on Wednesday, a new one-day record high. Some cities have implemented new restrictions to curb the virus's spread, renewing fears of a second widespread lockdown and concerns about the economic impact of new restrictions and lockdowns.
The virus concerns overshadowed a report from the Labor Department showing a bigger than expected decrease in first-time claims for unemployment benefits in the week ended November 7th. The Labor Department said initial jobless claims fell to 709,000, a decrease of 48,000 from the previous week's revised level of 757,000.
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