Wall Street tumbles as Covid-19 cases in US soars pass 100,000 Reuters 3 h ago 5

Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the US economy resurfaced and the number of coronavirus cases in the country climbed.

US stocks deepened their losses late in the session, even after the House of Representatives approved a US$2.2 trillion aid package – the largest in American history – to help people and companies cope with an economic downturn caused by the coronavirus outbreak and provide hospitals with urgently needed medical supplies.

The US has surpassed China and Italy as the country with the most coronavirus cases. The number of US cases passed 100,000, and the death toll exceeded 1,600.

“We have still not fully understood the degree of the economic impact,” warned Massud Ghaussy, senior analyst at Nasdaq IR Intelligence in New York.

“Currently, from a policymaker’s perspective, it’s a relative balance between managing the spread of the virus and opening the economy.”

After the market closed, President Donald Trump signed the stimulus package into law.

The bill, along with unprecedented policy easing by the Federal Reserve, helped the S&P 500 surge 10.2 percent for the week, its best week since 2009. 

But the US stock market benchmark is still down about 25% from its February high.

In its strongest three-day performance since 1931, the Dow surged 21 percent in three straight days through Thursday, establishing it in a bull market, according to one widely used definition. 

Even after Friday’s drop, the Dow ended 12.8 percent higher, its best week since 1938.

Many investors see a strong risk the market could fall deeply again as coronavirus infections increase and more people die, however.

“Next week will depend on what happens over the weekend,” said Lindsey Bell, chief investment strategist at Ally Invest. 

“If there is a major acceleration

Read More Here...

Wall Street tumbles as Covid-19 cases in US soars pass 100,000 Reuters 3 h ago 5

Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the US economy resurfaced and the number of coronavirus cases in the country climbed.

US stocks deepened their losses late in the session, even after the House of Representatives approved a US$2.2 trillion aid package – the largest in American history – to help people and companies cope with an economic downturn caused by the coronavirus outbreak and provide hospitals with urgently needed medical supplies.

The US has surpassed China and Italy as the country with the most coronavirus cases. The number of US cases passed 100,000, and the death toll exceeded 1,600.

“We have still not fully understood the degree of the economic impact,” warned Massud Ghaussy, senior analyst at Nasdaq IR Intelligence in New York.

“Currently, from a policymaker’s perspective, it’s a relative balance between managing the spread of the virus and opening the economy.”

After the market closed, President Donald Trump signed the stimulus package into law.

The bill, along with unprecedented policy easing by the Federal Reserve, helped the S&P 500 surge 10.2 percent for the week, its best week since 2009. 

But the US stock market benchmark is still down about 25% from its February high.

In its strongest three-day performance since 1931, the Dow surged 21 percent in three straight days through Thursday, establishing it in a bull market, according to one widely used definition. 

Even after Friday’s drop, the Dow ended 12.8 percent higher, its best week since 1938.

Many investors see a strong risk the market could fall deeply again as coronavirus infections increase and more people die, however.

“Next week will depend on what happens over the weekend,” said Lindsey Bell, chief investment strategist at Ally Invest. 

“If there is a major acceleration

Read More Here...

Wall Street tumbles as Covid-19 cases in US soars pass 100,000 Reuters 3 h ago 5

Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the US economy resurfaced and the number of coronavirus cases in the country climbed.

US stocks deepened their losses late in the session, even after the House of Representatives approved a US$2.2 trillion aid package – the largest in American history – to help people and companies cope with an economic downturn caused by the coronavirus outbreak and provide hospitals with urgently needed medical supplies.

The US has surpassed China and Italy as the country with the most coronavirus cases. The number of US cases passed 100,000, and the death toll exceeded 1,600.

“We have still not fully understood the degree of the economic impact,” warned Massud Ghaussy, senior analyst at Nasdaq IR Intelligence in New York.

“Currently, from a policymaker’s perspective, it’s a relative balance between managing the spread of the virus and opening the economy.”

After the market closed, President Donald Trump signed the stimulus package into law.

The bill, along with unprecedented policy easing by the Federal Reserve, helped the S&P 500 surge 10.2 percent for the week, its best week since 2009. 

But the US stock market benchmark is still down about 25% from its February high.

In its strongest three-day performance since 1931, the Dow surged 21 percent in three straight days through Thursday, establishing it in a bull market, according to one widely used definition. 

Even after Friday’s drop, the Dow ended 12.8 percent higher, its best week since 1938.

Many investors see a strong risk the market could fall deeply again as coronavirus infections increase and more people die, however.

“Next week will depend on what happens over the weekend,” said Lindsey Bell, chief investment strategist at Ally Invest. 

“If there is a major acceleration

Read More Here...

Wall Street tumbles as Covid-19 cases in US soars pass 100,000 Reuters 3 h ago 5

Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the US economy resurfaced and the number of coronavirus cases in the country climbed.

US stocks deepened their losses late in the session, even after the House of Representatives approved a US$2.2 trillion aid package – the largest in American history – to help people and companies cope with an economic downturn caused by the coronavirus outbreak and provide hospitals with urgently needed medical supplies.

The US has surpassed China and Italy as the country with the most coronavirus cases. The number of US cases passed 100,000, and the death toll exceeded 1,600.

“We have still not fully understood the degree of the economic impact,” warned Massud Ghaussy, senior analyst at Nasdaq IR Intelligence in New York.

“Currently, from a policymaker’s perspective, it’s a relative balance between managing the spread of the virus and opening the economy.”

After the market closed, President Donald Trump signed the stimulus package into law.

The bill, along with unprecedented policy easing by the Federal Reserve, helped the S&P 500 surge 10.2 percent for the week, its best week since 2009. 

But the US stock market benchmark is still down about 25% from its February high.

In its strongest three-day performance since 1931, the Dow surged 21 percent in three straight days through Thursday, establishing it in a bull market, according to one widely used definition. 

Even after Friday’s drop, the Dow ended 12.8 percent higher, its best week since 1938.

Many investors see a strong risk the market could fall deeply again as coronavirus infections increase and more people die, however.

“Next week will depend on what happens over the weekend,” said Lindsey Bell, chief investment strategist at Ally Invest. 

“If there is a major acceleration

Read More Here...

U.S. stock markets drop sharply, snapping three-day winning streak

Friday’s passage of a $2 trillion package designed to tide the nation over until the economy restarts has yet to quell a population fretting over its financial future.

“There’s a lot of uncertainty in the world over the virus and over people’s concern for their financial prosperity,” said Sarat Sethi of Douglas C. Lane & Associates. “We are experiencing a humanitarian crisis and a financial crisis at the same time, and that is being expressed through massive volatility in the markets.”

The Dow Jones industrial average finished Friday with a 915-point loss. At 21,636.78, the index is down more than 24 percent for 2020 and way off the all-time peak it set on Feb. 12. Multi-trillion-dollar rescue packages this week from the Federal Reserve and Capitol Hill sparked a robust midweek rally that gave the Dow its second-best three-day run in history, and dragged the blue chips back above the key 20,000 threshold.

Despite Friday’s loss for the day, the Dow enjoyed its best week since 1938. The week before had been one of its worst.

“The speed and breadth of these moves is mind-boggling,” said Howard Silverblatt of S&P Dow Jones Indices. “We’ve never seen percentage moves of this size. Stocks are moving on every piece of data that comes out.”

The Standard & Poor’s 500 index and the Nasdaq composite fell 3.4 and 3.8 percent, respectively. The S&P’s finish at 2,541.47 still represented a 10.2 percent gain for the week. But the broad index is down more than 21 percent for the year. The Nasdaq closed at 7,502.38.

Even as the $2 trillion rescue package went to the White House on Friday afternoon for the president’s signature, the pandemic’s toll mounts by the hour. The United

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Dow Plummets Over 900 Points Despite US Stimulus Bill Clearing Congress

© AP Photo / Lucas Jackson

Erasing some of its gains made over a three-day rally, the Dow Jones Industrial Average index took a sharp plunge on Friday despite the US Congress passing a hotly debated stimulus package to blunt the economic downturn caused by the COVID-19 pandemic.

Closing another week of volatile trading, the Dow index fell by 915.39 points, as the S&P 500 slid 88.60 points. The Nasdaq Composite saw a 295.16-point dip into red territory. The Dow’s sharp dive was largely fueled by Boeing’s more than 10% plunge, as well as Disney and Exxon Mobil declining more than 6%.

The day prior, the Dow marked its biggest three-day surge since 1931, having spiked over 20% since opening on Tuesday.

Although most Asian markets managed to maintain their positions in green territory despite a 5% slip by the Australia Securities Exchange index, the same could not be said for European markets, which saw the German Dax Performance index fall by 368.44 points and the UK’s Financial Times Stock Exchange 100 index shrink by 305.40 at closing.

Slumped trading in European markets came as UK Prime Minister Boris Johnson announced earlier Friday that he had tested positive for the coronavirus and as European Union leaders continue to work out how best to protect their nations’ economies amid the COVID-19 pandemic.

Oil prices, meanwhile, have continued to see weekly losses. West Texas Intermediate crude and Brent crude figures dropped Friday by 4.51% and 5.88%, respectively.

Stimulus Bill Clears Congress, Heads to Trump

With just a few hours before closing, US stocks moved closer to green territory after news broke that the $2 trillion coronavirus relief bill had passed in the US House of Representatives Friday.

The measure was passed despite initial objections

Read More Here...

Dow Plummets Over 900 Points Despite US Stimulus Bill Clearing Congress

© AP Photo / Lucas Jackson

Erasing some of its gains made over a three-day rally, the Dow Jones Industrial Average index took a sharp plunge on Friday despite the US Congress passing a hotly debated stimulus package to blunt the economic downturn caused by the COVID-19 pandemic.

Closing another week of volatile trading, the Dow index fell by 915.39 points, as the S&P 500 slid 88.60 points. The Nasdaq Composite saw a 295.16-point dip into red territory. The Dow’s sharp dive was largely fueled by Boeing’s more than 10% plunge, as well as Disney and Exxon Mobil declining more than 6%.

The day prior, the Dow marked its biggest three-day surge since 1931, having spiked over 20% since opening on Tuesday.

Although most Asian markets managed to maintain their positions in green territory despite a 5% slip by the Australia Securities Exchange index, the same could not be said for European markets, which saw the German Dax Performance index fall by 368.44 points and the UK’s Financial Times Stock Exchange 100 index shrink by 305.40 at closing.

Slumped trading in European markets came as UK Prime Minister Boris Johnson announced earlier Friday that he had tested positive for the coronavirus and as European Union leaders continue to work out how best to protect their nations’ economies amid the COVID-19 pandemic.

Oil prices, meanwhile, have continued to see weekly losses. West Texas Intermediate crude and Brent crude figures dropped Friday by 4.51% and 5.88%, respectively.

Stimulus Bill Clears Congress, Heads to Trump

With just a few hours before closing, US stocks moved closer to green territory after news broke that the $2 trillion coronavirus relief bill had passed in the US House of Representatives Friday.

The measure was passed despite initial objections

Read More Here...