Europe and US facing new round of shutdowns as virus surges
October 29, 2020
A new wave of lockdowns and business closings swept across France, Germany and other places in Europe on Wednesday as surging coronavirus infections there and in the U.S. wipe out months of progress against the scourge on two continents.
The resurgence and the resulting clampdown sent a shudder through Wall Street. The S&P 500 fell 3.5%, its biggest drop since June, and the Dow Jones Industrial Average lost 943 points, or 3.4%.
French President Emmanuel Macron declared a new nationwide lockdown starting Friday, saying the country has been "overpowered by a second wave." Many doctors had urged the move, given that 58% of the nation's intensive care units are now taken up by COVID-19 patients.