Dow Jones plunges over 6% on fears of new virus wave, Fed's outlook

Wall Street plunges to close with biggest one-day loss since March 16

Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the US Federal Reserve.
 

All three major US stock indexes lost well over 5%, posting their worst one-day percentage drops since March 16, when markets were sent into freefall by the abrupt economic lockdowns put in place to contain the pandemic. The Nasdaq snapped a three-day streak of record closing highs.
 

The sell-off was broad, with all 11 major sectors of the S&P 500 falling from nearly 4% to well over 9%.
 

"There's really no buy point," said Paul