Stocks plunge as grim forecasts and new virus cases pierce Wall Street’s bubble. Wall Street’s seemingly unstoppable climb came to a dramatic end on Thursday, with stocks suffering their sharpest daily decline in three months as grim economic forecasts and a worrisome uptick in new coronavirus cases rattled investors’ confidence. The S&P 500 fell nearly 6 percent, and the Dow Jones industrial average fell by more than 1,800 points. By Monday, the S&P 500 had climbed about 45 percent from its lows in late March and recouped all of its losses for the year. The central bank forecast that the unemployment rate could stay above 9 percent this year and would be high for the next several years.

Source: New York Times June 11, 2020 13:19 UTC