US stocks erase early gains at last minute and close lower

2020-08-11 20:47:56 GMT (Economies.com)
US stocks erase early gains at last minute and close lower

US stock indices erased all their earlier gains on Tuesday, and turned lower in the last minutes of the session, which came after optimism about Russia announcement of the world's first coronavirus vaccine.

 

Russian President Vladimir Putin officially announced that Russia has registered the world's first COVID-19 vaccine, and added that his daughter had already been given it, and had passed all needed checks and offered sustainable immunity against the coronavirus.

 

However, many scientists around the world doubt the effectiveness of this vaccine, especially as the third phase of its the clinical trials has not started yet.

 

The World Health Organization urged the Russian government to reveal more information about the vaccine to ensure its safety.

 

Data showed today the US PPI rose 0.6% in July, beating forecasts of 0.3%, and core reading (excluding energy and food prices) rose 0.5%, beating forecasts of 0.1%.

 

To the oil market, WTI crude September futures (NYMEX) fell 0.8% to close at $41.61 a barrel, after it hit a high of $42.9 and a low of $41.9.

 

Brent October futures fell 1.1% to $44.50 a barrel, with a high of $45.7 and a low of $44.8.

 

As for stocks, Dow Jones fell 0.4% or 104 points to settle at 27,687, with a day high of 28,154 and a low of 27,624.

 

S&P 500 rose 0.8% or 26 points to close at 3,333, with a high of 3,381 and a low of 3,326.

 

Nasdaq fell 1.7% or 185 points to 10,783 , after it hit a high of 10,989 and a low of 10,762.

 
 
 
  Symbol Last Change Chg.%
1.1728
0.0057
0.4914%
1.2925
0.0057
0.4406%
Tadawul
8299.08
16.57
0.20%
23.384
0.028
0.118%
39.995
-0.295
0.732%
40.95
-0.08
0.19%
1888.375
15.680
0.837%
 
 
US
 
Europe
 
Asia