Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve.
All three major U.S. stock indexes lost well over 5%, posting their worst one-day percentage drops since March 16, when markets were sent into freefall by the abrupt economic lockdowns put in place to contain the pandemic. The Nasdaq snapped a three-day streak of record closing highs.
The sell-off was broad, with all 11 major sectors of the S&P 500 falling from nearly 4% to well over 9%.