Stocks open lower on Wall Street as investors turn jittery
Stocks and bond yields are down sharply on Wall Street as optimism that the reopening of businesses would drive a relatively quick economic recovery fades amid rising coronavirus cases in many U.S. states and countries.
MGM Resorts International and PVH, owner of the Calvin Klein and Tommy Hilfiger brands, were among the biggest decliners. Each was down more than 12%.The Dow Jones Industrial Average was down 1,259 points, or 4.7%, to 25,730. The Nasdaq composite, which was coming off an all-time high, slid 3%. Small company stocks continued to bear the brunt of the selling. The Russell 2000 index was down 5.6%.
Emergency rescue efforts by the Fed and Congress helped arrest the market’s staggering 34% skid in February and March. Since then, the market had been riding a wave of investor optimism that the economy will bounce back by the end of the year, if not sooner, as businesses reopen and people go back to work. But confidence in that scenario is waning as infections and fatalities continue to climb in the U.S. and elsewhere.In the U.S.
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