Stocks Tumble As Coronavirus Cases Spike Again In U.S. And Europe

Stocks on Monday posted their worst day since early September amid a surge in coronavirus cases in the United States and Europe and declining optimism about another U.S. pandemic relief bill.

The Dow Jones Industrial Average ended the day down 650 points, or 2.3%, posting its biggest decline since Sept. 3. The other major indexes were also down, though not as much.

The declines happened amid reports that coronavirus cases have spiked in the United States, with more than 80,000 new infections reported on Friday and Saturday, while France and Italy registered a record number of new cases.

"Coronavirus worries are back," said Lindsey Bell, chief investment strategist at Ally Invest. In addition to new cases reaching records, she said, "the timing of a vaccine continues to be crucial, but elusive, adding to concerns about economic prospects."

Companies slammed by the pandemic, such as airlines and travel companies, were among those hardest-hit, with United Airlines ending down 7%.