S&P 500 falls 3% on new virus wave fears, Fed's cautious outlook

Traders wear masks as they work on the floor of the New York Stock Exchange in response to the outbreak of the coronavirus disease (COVID19) in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson

(Reuters) – U.S. stocks extended losses on Thursday, with the S&P 500 on track for its sharpest percentage decline since April 1, as investors worried about a second wave of coronavirus infections and a grim economic forecast from the Federal Reserve.

At 11:01 a.m. ET, the Dow Jones Industrial Average .DJI was down 1,052.92 points, or 3.90%, at 25,937.07, the S&P 500 .SPX was down 105.03 points, or 3.29%, at 3,085.11. The Nasdaq Composite .IXIC was down 249.77 points, or 2.49%, at 9,770.57.

Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta


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