Stocks fell on Wall Street on Monday and aggravated last week’s losses when a worrying buildup of coronavirus threatened the world economy.
Dow Jones Industrial Average 520 points. The S
Actions have also weakened in much of Europe and Asia. Cautiously, Treasury bond yields fell after peaking since June last week.
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The amount of coronavirus is emerging in much of the United States and Europe, leading to considerations of the damage to the still weakened economy.
The United States came very close to consecutively cutting record infection rates on Friday and Saturday, and officials in El Paso, Texas, are asking citizens to stay home for two weeks, for example. in more parts of the country this week, as restaurants across the continent are already feeling the pain of new curfews and virus-like restrictions.
Meanwhile, hopes are fading that Washington will be able to supply the economy more in the short term. House of Commons President Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke several times last week as they tried to reach a commitment to send cash to up to Americans. , restart more benefits for laid-off staff and provide assistance to schools, among others.
But there is still a profound partisan difference on Capitol Hill, and time runs out for anything before Election Day on November 3. Any agreement between the House Democrats and the White House would likely face strong resistance from Republicans in the Senate.
“While we see nations seeking to quell the spread of the virus through more localized and transitority restrictions, it is very likely that we will end up seeing a number of national blockades if the trajectory is reversed,” said Joshua Mahony, senior analyst marketplace at IG in London.
“Traders remain divided as they assess the imminent prospect of a US stimulus package and a possible vaccine,” he added.
Corporate movements seeking relief from the virus and a return to normal economy recorded some of the biggest losses at the start of negotiations.
Norwegian Cruise Line Holdings fell 6. 7%, Marathon Oil fell 4. 7% and United Airlines 3. 8%.
Energy stocks fell to the greatest loss among the sectors that make up the S
Among the few market winners in the early industry were corporations that can succeed even in a domestic economy.
Etsy rose 2. 1% for one of the S’s earnings
In European stock markets, Germany’s DAX lost 2. 6% and France’s CAC 40 fell by 1%. London’s FTSE 100 fell by 0. 2%.
In Asia, Japan’s Nikkei 225 fell by 0. 1%, South Korea’s Kospi fell by 0. 7% and Shanghai shares lost 0. 8%.
Yield on 10-year Treasury bonds fell to 0. 80% from 0. 85% on Friday night.