(Image by Oleg Gamulinskiy from Pixabay)
(CNBC) -- Stocks were lower on Wednesday — following recent market gains — as results of the midterm elections provided no clear answers about who would control Congress yet. A crypto selloff also weighed on markets.
The Dow Jones Industrial Average fell 646.89 points, or about 1.95%, to 32,513.94. The decline was led by Disney, which fell 13.2% after the entertainment giant missed analysts’ estimates on the top and bottom lines. The S&P 500 shed 2.08% to 3,748.57, and the Nasdaq Composite slid 2.48% to 10,353.17.
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Stocks fell to session lows during Wednesday afternoon as the price of bitcoin dropped to a new bear market low. The declines occured after Binance said it’s backing out of plans to acquire FTX. The decision weighed on overall risk sentiment and dragged down the tech sector.
The post Dow closes more than 600 points lower after indecisive midterms, crypto selloff appeared first on WND.
