Dow slips about 700 points to Monday low as investors reassess risk amid rising coronavirus cases

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US stocks opened sharply lower on Monday as rising cases in Europe and a number of geopolitical risks sparked the sale of assets considered risky on Wall Street. The Dow Jones Industrial Average DJIA,
-2,55%
was down 664 points, or 2.4%, to 26,991, in line with its largest daily decline in about two weeks, the S&P 500 SPX Index,
-2,15%
fell 2.1% to 3,248, while the Nasdaq COMP composite index,
-1,56%
fell 1.6% to 10,616. In company news, Nikola NKLA,
-14,50%
Founder and Chairman Trevor Milton is stepping down, after battling claims from a short seller over the past two weeks. The increase in COVID-19 cases in several European economies has raised fears of further restrictions on activity. London Mayor Sadiq Khan was in talks on Monday to discuss the introduction of new measures to stem the spread of the coronavirus. Meanwhile, shares of US and European banks are set to fall sharply after BuzzFeed News and other media published articles alleging that the world’s most powerful banks continued to do business with clients suspected of money laundering. money and other illicit activities. The SPDR Financial Select Sector ETF XLF,
-2,17%
fell sharply on Monday.

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