S&P 500 Slides as Stimulus Talks Stall, Economic Worries Outweigh Positive News
The S&P 500 Index (SNPINDEX: ^GSPC) closed down 57 points, or 1.6% on Oct. 19, falling sharply in afternoon trading on growing worries about the wave of COVID-19 cases around the world, coupled with the increasing likelihood that Congress and the White House won't reach a deal for a second round of economic stimulus before the upcoming election.
While no individual S&P 500 stocks fell sharply -- one of today's biggest losers was apparel maker VF (NYSE: VFC), down 4.3% after reporting earnings Friday after trading closed -- the sell-off was broad, with more than 450 of the 503 stocks in the index closing down on the day. Tech and energy stocks had a tough day, even with some positive news, including Amazon.com (NASDAQ: AMZN) reporting a hugely successful Prime Day event last week, and ConocoPhillips' (NYSE: COP) deal to acquire Concho Resources (NYSE: CXO) for $13 billion including debt.
Amazon cashed in on millions of people still stuck shopping from home. Image source: Getty Images.
Source Fool.com
