Advertisement
Australia markets closed
  • ALL ORDS

    7,937.50
    -0.40 (-0.01%)
     
  • ASX 200

    7,683.00
    -0.50 (-0.01%)
     
  • AUD/USD

    0.6501
    +0.0013 (+0.19%)
     
  • OIL

    82.95
    -0.41 (-0.49%)
     
  • GOLD

    2,334.70
    -7.40 (-0.32%)
     
  • Bitcoin AUD

    99,002.95
    -3,375.23 (-3.30%)
     
  • CMC Crypto 200

    1,390.33
    -33.77 (-2.37%)
     
  • AUD/EUR

    0.6073
    +0.0017 (+0.27%)
     
  • AUD/NZD

    1.0950
    +0.0019 (+0.18%)
     
  • NZX 50

    11,946.43
    +143.15 (+1.21%)
     
  • NASDAQ

    17,530.62
    +59.15 (+0.34%)
     
  • FTSE

    8,040.38
    -4.43 (-0.06%)
     
  • Dow Jones

    38,490.44
    -13.25 (-0.03%)
     
  • DAX

    18,088.70
    -48.95 (-0.27%)
     
  • Hang Seng

    17,201.27
    +372.34 (+2.21%)
     
  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

Here's Why Wells Fargo Plunged on Wednesday

Here's Why Wells Fargo Plunged on Wednesday

The stock market was having a rough day on Wednesday, with the Dow Jones Industrial Average and S&P 500 benchmark index down by 2.6% and 2.4%, respectively, as of 3:20 p.m. EDT. As we've seen throughout the COVID-19 pandemic, when the market falls, financial stocks are among its worst performers. Instead, today's move is fueled by fears that the economic impact of the COVID-19 pandemic could be worse and longer lasting than feared.