By Yasin Ebrahim
Investing.com – Wall Street fell back into the red midday Tuesday, as investors continued to monitor a jump in Covid-19 infections in New York state, the epicenter of the outbreak in the U.S.
The fell 0.85%, or 189 points, but was up about 152 points at session at the highs of the day. The slipped 0.83% and the fell 0.34%.
In New York state, coronavirus infections jumped 14% overnight to 75,795, with Gov. Andrew Cuomo conceded that the virus is more dangerous than expected.
“I’m tired of being behind this virus. We’ve been behind this virus from day one,” Cuomo said. “We underestimated this virus. It’s more powerful, it’s more dangerous than we expected.”
The U.S. reported nearly 11,000 new cases since Monday, taking the total to about 174,000, with about 3,400 dead so far.
Defensive corners of the market like real estate and utilities were shunned as investors positioned their portfolio for the quarter-end.
Energy, however, proved an exception to the decline, rising 1.51%, though had been up more than 3% earlier, on growing hopes Saudi Arabia and Russia may call a truce on their price war in an effort to stabilize the market.
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