NEW YORK, New York - There were sharp falls on stock markets across the globe on Tuesday as Covid-19 continued to surge. The number of cases last week hit a new record of 5.2 million. The number of deaths too continues to rise, with a weekly record being hit for each of the last five weeks. Last week the total number of virus-related deaths went past 3 million.
Some however remain undeterred.
"We are getting a little bit of weakness ... even though the earnings and economic data is good," Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina told Reuters Thomson Tuesday.
"The underlying fundamentals are extremely strong and it wouldn't be overly concerning after the rally we have seen in the past 13 months for the market to catch its breath a little bit more in the face of strong earnings."
The Dow Jones industrials ended the day down 256.33 points or 0.75 percent at 33,821.30.
The Standard and Poor's 500 fell 28.32 points or 0.32 percent to 4,134.94.
The Nasdaq Composite shed 128.50 points or 0.92 percent to 13,786.27.
The foreign exchange markets were volatile Tuesday. The U.S. dollar was sold off in Asian markets but recovered during the European and U.S. sessions.
The euro finished the day in New York around 1.2031, after trading as high as 1.2079 earlier. The British pound, which had hurdled the 1.4000 barrier earlier in the day, settled around 1.3939. The Swiss franc eased to 0.9152.
The Canadian dollar edged down to 1.2610. The Australian dollar had a whirlwind day. After hitting a high of 0.7817 it wilted to finish around 0.7723.
The New Zealand dollar slipped to 0.7177, after topping out at 0.7230.
The Japanese yen went against the trend, advancing to 108.05.
London's FTSE 100 lost 2.00 percent Tuesday. The German Dax shed 1.55 percent, while in Paris, France, the CAC 40 dropped 2.09 percent.
On Asian markets, the Nikkei in Tokyo dropped 584.99 points or 1.97 percent to 29,100.38.
The Australian All Ordinaries declined 45.90 points or 0.63 percent to 7,282.10.
China's Shanghai Composite slid 4.61 points or 0.13 percent to 3,472.94.
In Hong Kong, the Hang Seng went against the trend, rising 29.58 points or 0.10 percent to 29,135.73.