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Stocks Tumble Most in 12 Weeks on Economy, Virus: Markets Wrap

  • U.S. jobless claims continue gradual decline, remain elevated
  • Second U.S. virus wave emerges as cases top 2 million
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Federal Reserve Chairman Jerome Powell speaks in a video news conference about the decision by the Fed’s policy-setting Federal Open Market Committee to leave rates unchanged.Source: Bloomberg
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U.S. stocks tumbled the most in 12 weeks as the torrid surge in equities came to a screeching halt amid economic jitters. Treasuries surged with the dollar.

The S&P 500 sank almost 6%, approaching the 7% threshold that would trigger an exchange-mandated trading pause. Only one company in the index -- supermarket operator Kroger Co. -- finished higher. Losses in the Dow Jones Industrial Average were even deeper, with the blue-chip gauge plunging as much as 7.1%. Airlines, cruise and travel shares that soared in recent weeks bore the brunt of the selling. The KBW Bank Index of financial heavyweights slid 9%, and energy producers joined a rout in oil.