USA: Wall Street tumbles amid bank allegations, rising COVID-19 rates -

 Wall Street is opening sharply lower, led by financial stocks, after a report alleged banks were profiting from illicit dealings with disreputable people and criminal networks. JPMorgan is down 3.3%, Deutsche Bank fell 7.6%.

The prospect of tougher restrictions on public life in Europe to limit coronavirus cases is also weighing on stocks, particularly in the travel sector. In the U.S., daily COVID-19 cases are once again rising, reversing earlier progress in slowing the spread of the disease.

In afternoon trading, the S&P 500 fell 71 points, or 2.1%, to 2,347 while the Dow declined 773 points, or 2.8%, to 26,885. The tech-heavy Nasdaq lost 137 points, or 1.3%.

Investors were spooked by a report from BuzzFeed News and the International Consortium of Investigative Journalists that alleges banks such as JPMorgan and Deutsche Bank had moved money for suspected criminals.

More broadly, the economy is facing headwinds as the coronavirus pandemic continues to spread. The stalemate in Congress over another stimulus package is also adding to worries about economic growth.

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Wall Street tumbles amid bank allegations, rising COVID-19 rates - CBS News