Global stocks dropped sharply on Wednesday amid investor fears that rising coronavirus numbers in the United States and Europe could halt economic recovery.

The Dow Jones Industrial Average dropped over 943 points, or 3.43 percent at the end of Wednesday’s trading on Wall Street. The S&P 500 closed 3.53 percent lower and the tech-heavy Nasdaq Composite finished trading down 3.73 percent.

European equity markets were also under pressure, with Germany’s DAX index and the French CAC 40 nosediving over four percent. The FTSE 100 in London was down over three percent.

“The financial markets are still nervous about rising case numbers and the pandemic,” Paul Donovan, chief economist at UBS Global Wealth Management, said, as quoted by the CNN. “The concern is about the impact this may have on fear levels — either amongst consumers or amongst policymakers.”

Daily US coronavirus cases have risen by a record average of 71,832 over the past week, according to data from Johns Hopkins University. Coronavirus-related hospitalizations were up at least 10 percent in 36 states.

Rising infection cases across Europe prompted concerns of even more restrictions in the region. French President Emmanuel Macron is set to give a speech in France later on Wednesday and could announce more lockdowns. German Chancellor Angela Merkel is considering closing all bars and restaurants in the country for one month starting in early November, according to Reuters.

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