Stocks Dropped as Fed, Virus Cases Fueled Concern

U.S. stocks dropped by the most since mid-March on Thursday, following the Federal Reserve’s monetary policy decision, as investors worried about coronavirus cases rising again. The Dow Jones Industrial Average dropped 1,861.82 points, or 6.90%, to 25,128.17. The S&P 500 fell 188.04 points, or 5.89%, to 3,002.10. The Nasdaq Composite retreated 527.62 points, or 5.27%, to 9,492.73.

Crude-oil futures dropped Thursday, with U.S. and global benchmark prices posting their biggest one-day loss in over six weeks. West Texas Intermediate crude for July delivery fell $3.26, or 8.2%, at $36.34 a barrel. Brent oil for August delivery retreated $3.18, or 7.6%, at $38.55 a barrel.