Wall Street

All three major US stock indices streaked to fresh records, extending last week's rally on optimism that additional US fiscal stimulus is coming soon, along with an expected economic recovery.

The biggest driver of the market rally in recent weeks has been hope for Biden's $1.9 trillion economic rescue plan.

Investors worldwide appear to have set aside concerns over the pandemic for now, though it continues to cast a shadow as governments in some countries keep lockdowns in place.

Shares in Boeing jumped 6.0 percent, helping to lift the Dow on a mixed day for US equities.

The rally petered out on Tuesday, with the Dow closing 0.6 percent lower and the Nasdaq and S&P 500 also ending in the red.

While Trump is yet to concede, it is widely accepted that Biden will become the 46th president, removing a crucial hurdle for equity traders this year.

The Trump campaign has already mounted legal challenges in several states, but no evidence has emerged of any widespread irregularities that would affect the results.

The US is in dire need of a fresh rescue package as the disease flares up again, threatening an already stuttering recovery in the world's top economy.

Analysts warning the fresh infection spikes and failure to pass a new stimulus would likely knock the recovery off track.

Traders have also given up almost any hope for a new US stimulus package being passed before next Tuesday's election.

Wall Street's three main indexes ended lower and Asia followed.

Investors are also keeping tabs on post-Brexit trade talks, with Britain welcoming signals that the European Union was ready to intensify them.

Labor Department data showed new applications for US jobless benefits rose to a seven-week high of 898,000 last week, an increase of 53,000.

Executives from large US banks said additional support was needed for the coronavirus-ravaged economy.

On Monday, the president said he planned to return to the White House.

Along with the fine, JPMorgan is required to beef up its compliance program and self-report any offenses.

Most Asian bourses had already fallen sharply earlier in the day.

A key worry is a spike in new virus cases in key economies that have led to containment measures being reimposed.

The economic outlook remains exceptionally uncertain, with the Covid-19 pandemic continuing to exert a substantial toll on economies and societies.

The pound was struggling to fight its way out of a trough as sparring between Britain and the EU raised the prospect they will not reach a trade agreement.

Large tech companies have been major beneficiaries during the coronavirus pandemic.

US traders returned from a long weekend to resume the selling that sent shudders through markets last week as they fretted over lofty valuations of equities.

All three main indexes in New York suffered hefty selling.

US officials have called on states to prepare to distribute a possible vaccine by November 1.

The mood in Asia was more downbeat compared with earlier in the week.

Buying was also boosted by news that Trump had expanded the use of a coronavirus treatment using plasma from people who had recovered from the disease.

The head of the World Health Organization's European branch said new widespread lockdowns would not be needed.

Frustrated investors wait for Democrats and Republicans to hammer out a much-needed financial support package.

There was also some cheer about Joe Biden's choice of Kamala Harris as his running mate for November's election.

The rapid spread of the disease around the world and fresh flare-ups have caused renewed lockdowns.