S&P 500 Tumbles in Worst Stock Rout in Four Months: Markets Wrap
- S&P 500 falls for a third day; VIX volatility index surges
- Oil declines below $38 a barrel on concerns about demand
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Stocks tumbled in the U.S. and Europe as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic.
The S&P 500 Index fell 3.5%, the biggest drop since June, amid a surge in Covid-19 hospitalizations, especially in the Midwest. Energy shares sank with oil prices, and technology stocks were also among the worst performers, with Microsoft Corp. down after a disappointing forecast. The VIX Index, a measure of expected U.S. equity volatility, climbed to the highest level since June.