Dow Jones drops over 700 points as Covid-19 infections surge

2020-06-24 21:37:44 GMT (Economies.com)
Dow Jones drops over 700 points as Covid-19 infections surge

US stocks fell on Wednesday, amid fears about a surge in coronavirus cases in the US, and weak performance by the energy sector and falling oil prices.

 

The final US GDP reading for the first quarter will be released tomorrow, with forecasts to show a contraction of 5%.

 

The International Monetary Fund estimated that the global GDP will shrink by 4.9% in 2020, which higher than the previous estimate in April of 3%, and also forecast the US economy to shrink by 8% in 2020.

 

Coronavirus infections surged in the US in the past few days, and the World Health Organization has warned that the coronavirus has not reached its peak yet.

 

To the oil market, West Texas Intermediate crude fell 5.9% to close at $38.01 a barrel, after it hit a high of $40.5 and a low of $37.3.

 

Brent fell 5.4% to $40.31 a barrel, with a high of $42.8 and a low of $39.6.

 

As for stocks, Dow Jones fell 2.7% or 710 points to close at 25,446, with a day high of 25,992 and a low of 25,296.

 

Nasdaq fell 2.2% or 222 points to 9,909, after hitting a high of 10,137 and a low of 9,842.

 

S&P 500 fell 2.6% or 81 points to 3,050, with today high at 3,115 with a low of 3,032.

 
 
 
  Symbol Last Change Chg.%
1.1246
-0.0031
0.2718%
1.2486
0.0178
1.4462%
Tadawul
7312.24
58.91
0.81%
18.047
0.268
1.507%
40.285
1.510
3.894%
42.80
-0.34
0.79%
1774.730
3.115
0.176%
 
 
US
 
Europe
 
Asia