Dow off Lows as U.S. Reaches Covid-19 Milestone Ahead of Stimulus Rollout By Investing.com

© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow moved off lows on Friday, as investors look ahead to Congress rubber-stamping its $2 trillion stimulus package to combat the Covid-19 pandemic, with infections in the U.S. overtaking that of Italy and China.

The fell 2.81%, or 633 points, the slumped 2.54% and the fell 2.66%.

The U.S. has seen coronavirus cases top 90,000, above China’s 81,000 and Italy’s nearly 87,000. President Donald Trump, however, has downplayed the milestone in the U.S., and suggested the number of infections from Beijing was not entirely accurate.

“You don’t know what the numbers are in China,” Trump told reporters on Thursday, as he attributed the jump infection in the U.S to a “tremendous” ramp-up in testing.

With the rapid spreading of the virus nationwide, investors are anxiously waiting for Congress to roll out its $2 trillion stimulus package, with the House expected to vote on the deal later today.

The bill could include measures to support the economy such as tax breaks, checks and bailouts for big businesses hurt by the outbreak.

Against the backdrop of rising infections worldwide, health authorities have been stepping up efforts to produce a vaccine.

The World Health Organization officials said Friday that the first patients had been enrolled in a drug trial in Norway and Spain to test coronavirus treatments.

The selloff on Wall Street was paced by a fall in energy and industrial stocks, which had led the previous three-day rally.

Energy stocks slumped 5%, paced by a decline in oil prices amid fears the pandemic will continue to hurt oil demand at time when Saudi Arabia and Russia are engaged in a price war.

Boeing (NYSE:) fell 7%, pushing industrials 4% lower as the aircraft maker will reportedly not take up the lifeline on offer from the government’s stimulus bill if it comes with strings attached.

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.


*