US markets end trading in red as Dow falls over 500 points
Major stock markets in the United States ended the trading session on Wednesday in the red as Dow Jones Industrial Average fell 525 points and Federal Reserve officials announced their economic predictions. Chicago Fed's President Charles Evans said that a 2.5% inflation rate is "likely in the cards" for some time, while Boston Fed's Eric Rosengren gave "less optimistic" economic recovery predictions. Additionally, the US Services PMI Business Activity Index showed a decrease from the August report. In other news, Johns Hopkins University reported 57,044 new COVID-19 infections in the US.
The Dow plunged 1.92% or 525 points at the closing bell. The worst performer was Salesforce.com, Inc. lost 4.70%. The Nasdaq 100 plummeted 3.16% as Tesla shares dropped 10.34%. The S&P sank 2.37% with Albemarle Corporation decreasing 15.56%.
The euro lost 0.39% to the dollar to sell for $1.16628 at 3:58 pm ET.