Dow Plunges Nearly 800 Points As Average Daily COVID-19 Cases Hit Record High

By Timothy Sykes

Last updated on February 2, 2021
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The markets opened down 1% and have dropped as far as 3%. The Dow is down nearly 800 points at writing.

The U.S. accounts for 20% of global COVID-19 deaths. On Friday and Saturday, the CDC reported more than 80,000 new cases each day. Both days were record-high levels for a single day.

Virus cases are on the rise in Europe, too. In an attempt to limit the spread new restrictions are being put in place across the country and around the world. Business activity is likely to suffer.

The U.S. just approved the sale of $1.8 billion worth of arms to Taiwan. This move is raising tension with China. New sanctions against the companies involved in the sale have already been promised.

Today also kicks off the last full week of trading before the U.S. presidential election. With the constant charges of election fraud coming from the White House, the chances of a disputed election are far higher than normal.

There’s a lot of uncertainty weighing on the market today. The market hates uncertainty. Investors are weighing the possibility of rising unemployment, new trade tensions, and a disputed election.

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Comments (1)
Author imageTimothy Sykes
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Which is why I've launched my Trading Challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

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