Stocks were plunging in intraday trading Wednesday as investors' worries grew about a rising number of coronavirus infections across the globe and the pandemic's impact on economic activity.
In Europe, stocks dropped as Germany plans a partial lockdown, including closing bars and restaurants, to stem the spread of the virus, and France is expected to announce new mitigation measures.
"Wall Street also was seeing increased volatility as the U.S. presidential election takes place in less than a week, and traders pretty much have given up on the hope that Congress will deliver a relief package to help the U.S. economy before Election Day," wrote TheStreet's Joseph Woelfel.
Cases of the coronavirus surpassed 44.1 million worldwide, with over 1.1 million deaths. The U.S. has 8.7 million cases with over 226,000 deaths.
Per the COVID-19 Tracking Project, there were 73,096 new cases reported Tuesday, which is higher than the 62,315 cases reported the day earlier. One million new tests were reported. And 931 deaths were reported yesterday, which is higher than the 389 deaths reported the day prior.
Where is Jim Cramer focusing his attention? Cramer discussed potential European lockdowns and whether the U.S. could follow suit, concluding that a U.S. lockdown without stimulus would be the "kiss of death."