Late Selling Hits Dow as U.S. Sees Surge in Covid-19 Infections By

© Reuters.

By Yasin Ebrahim – Wall Street plunged amid late selling Friday, even as the United States’ economic battle against the Covid-19 pandemic received a major boost on the House of Representatives passing the $2 trillion economic rescue package.

The fell 4.06%, or 915.39 points. The lost 3.37% and the fell 3.79%.

President Donald Trump signed the $2 trillion stimulus package just after market close. It’s the largest aid package in U.S. history and one that many hope will go a long way to ensuring the economy bounces back quickly from a widely-expected recession.

The key measures of the bill include fiscal support to small as well as large businesses, and checks to ordinary Americans at time when the U.S. infections of Covid-19 have topped 90,000, above China’s 81,000 and Italy’s nearly 87,000.

The aviation sector, which is in desperate need of help, remained under pressure, with United Airlines (NASDAQ:) and American Airlines (NASDAQ:) falling sharply on concerns the government support included in the stimulus bill will not offset a prolonged slump in travel demand.

Energy and technology stocks were among the biggest declines amid late-day selling as investors remain wary of holding onto bullish bets over the weekend amid the ongoing Covid-19 pandemic.

Energy slumped 7%, paced by a decline in oil prices on fears of deeper virus-led weakness in oil demand at a time when Saudi Arabia and Russia are engaged in a price war.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.