Dow sheds over 600 points amid market sell-off

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NEW YORK, Sept. 20 (Xinhua) — U.S. stocks tumbled on Monday as selling pressure intensified on Wall Street.

The Dow Jones Industrial Average fell 614.41 points, or 1.78 percent, to close at 33,970.47, after shedding by more than 970 points at its session low. The S&P 500 dropped 75.26 points, or 1.70 percent, to 4,357.73. The Nasdaq Composite Index slid 330.06 points, or 2.19 percent, to 14,713.90.

All the 11 primary S&P 500 sectors ended in red, with energy down 3.04 percent, leading the losses.

U.S.-listed Chinese companies traded lower with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

The above market reactions came as investors continued to worry that a rapid spread of the Delta variant could stall an economic recovery.

More than 42.2 million COVID-19 cases have been reported in the United States with over 675,000 related fatalities as of Monday afternoon, according to data from Johns Hopkins University.

Meanwhile, Wall Street is awaiting a policy statement from the Federal Reserve as the U.S. central bank is set to kick off its two-day policy meeting on Tuesday, followed by a key announcement on Wednesday.

“We expect the Fed is not quite ready to taper yet, but we expect further guidance on Wednesday,” Chris Low, chief economist at FHN Financial, said Monday in a note.

For the trading week ending Sept. 17, the Dow lost 0.1 percent, while the S&P 500 and the tech-heavy Nasdaq composite lost 0.6 percent and 0.5 percent, respectively.