Dow sinks more than 800 points amid surging COVID-19 cases

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Oct. 26 (UPI) — Blue chip U.S. stocks took a nosedive in early trading on Wall Street Monday, losing nearly 900 points in what may end up as the worst single-day loss in weeks.

The Dow Jones Industrial Average was down about 890 points by 1:20 p.m. EDT and is on pace for its worst day since early September.

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The S&P 500 was down about 90 points and the Nasdaq index was down more than 270 points.

Analysts say stocks tumbled in part due to the rising number of COVID-19 cases in the United States and the lack of additional stimulus to aid businesses and Americans. There were about 300,000 new cases nationwide between Thursday and Monday, according to data at Johns Hopkins University.

Monday’s losses came a day after White House Chief of Staff Mark Meadows added to the dampening mood, saying that the United States was “not going to control” the pandemic.

New stimulus is getting less likely as the days pass. The House passed a new round of aid months ago but the Republican-held Senate has failed to reach a consensus and weeks of negotiations between Democratic lawmakers and White House officials have failed to produce an agreement.