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S&P 500 Tumbles Most in a Month on Virus Spread: Markets Wrap

  • Tech leads European shares lower; crude oil and copper decline
  • Turkey’s lira weakens through 8 per dollar for the first time
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UBS's Haefele Sees Opportunity in Volatility, UncertaintySource: Bloomberg
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The S&P 500 Index posted its biggest drop in a month on concern rising coronavirus cases will hurt the global economy and as prospects dimmed for fiscal aid from Washington before the presidential election.

Losses for energy and industrial companies sent the benchmark gauge down 2.9% at one point, though stocks pared losses in the afternoon amid recoveries for the biggest technology companies and as House Speaker Nancy Pelosi voiced optimism on a stimulus deal. Boeing Co., Lockheed Martin Corp. and Raytheon Technologies Corp. slid on China’s plan to sanction the companies over arms sales to Taiwan.