Dow hit with 800-point loss at open; Fed outlook, virus spikes cited as factors
U.S. stocks swooned Thursday as coronavirus cases continued to rise and investors digested Wednesday’s downbeat economic outlook from the Federal Reserve.
While both the S&P 500 and the Dow are up about 45% from the low in late March, the S&P 500 is down 1.2% this year and the Dow is down 5.4% for 2020, though the Nasdaq Composite rose for eight days in the past nine sessions, bringing its 2020 gains to nearly 10%. “Up until yesterday financial markets didn’t appear overly concerned about the prospect of a second wave,” said Michael Hewson, chief market analyst at CMC Markets UK, in a Thursday research note. However, he noted that the “prospects, appear to have concentrated minds in the wake of recent gains, and sending the usual suspects of travel, as well as oil and gas stocks sharply lower”
Hooper thinks the market moves of this week aren’t necessarily the start of a sustained leg downward. “Typically the initial reaction to the Fed press conference is not the subsequent reaction. There needs to be some digestion by investors.”In U.S. economic data Thursday, another 1.54 million Americans filed for initial jobless claims, the government said. That beat expectations for 1.565 million people seeking unemployment benefits, according to the Econoday consensus.
How are other assets faring? Oil prices traded lower on Thursday, as the Fed promised to keep rates near zero. West Texas Intermediate CLN20, -7.87% lost $2.70 cents, or 6.8%, trading at $36.90 a barrel on the New York Mercantile Exchange.
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