Stock Market Takes a Hit as Election and COVID Worries Mount

Inflation Is Now a Bigger Concern Than COVID-19 - Says Goldman Sachs

( – Americans are not the only ones feeling the tension stemming from a potential set of new coronavirus shutdowns in Europe and the upcoming presidential election. US equity markets also reacted to the uncertainty, resulting in losses during this tumultuous season.

The Dow Jones Industrial Average fell hard on Monday, September 21:

After the early morning sell-off, the Dow ended with a 1.85% hit and the S&P 500 fell approximately 1.16%. Monday’s drop was the fourth day of a losing streak for the S&P 500.

The shares of some of America’s largest banks, including JPMorgan Chase & Co, also decreased as reports surfaced alleging that illicit funds flowed through the banks for decades.

Tesla remains one of the hardest-hit companies as shares dropped by roughly 4.75% before Tuesday night’s Battery Day event, where the electric car maker will release a battery that supposedly lasts one million miles.

The pessimism on Wall Street signals the US economy still struggles to understand and deal with the ongoing COVID-19 pandemic and the political polarization Americans experience.

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