Wall Street tumbles as United States virus cases pass 100000

Daniel Fowler
March 29, 2020

USA stock index futures fell on Friday, a day after the S&P 500 and Dow posted their best three-day run since the 1930s, as the United States faced the prospect of becoming the next global epicentre of the coronavirus pandemic.

"Armenpress" reports the value of Dow Jones down by 4.06% to 21636.78 points, S&P 500 down by 3.37% to 2541.47 points, Nasdaq down by 3.79% to 7502.38 points. The Dow Jones Industrial Average's 12.8% weekly gain was its biggest since 1938, thanks largely to Boeing, which climbed 70.5% this week.

The bill, along with unprecedented policy easing by the Federal Reserve, helped the S&P 500 surge 10.2 per cent for the week, its best week since 2009.

Delta Airlines DAL.N American Airlines AAL.O and United Airlines UAL.O fell between 3% and 7% as U.S. Treasury Secretary Steve Mnuchin said the aid designated for airlines in the package was not a bailout and that taxpayers would need to be compensated.

The declines came as continued fears about the virus appeared to dampen any optimism among investors about the House of Representatives voting Friday on the massive stimulus bill the Senate passed earlier in the week. This week the USA passed China as the country with the most virus cases and the numbers continue to accelerate.

But there remains doubt about whether that can happen in the three weeks he has set as the timeframe.

The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded four new highs and 19 new lows.

The U.S. overtook China this week as the country with the most coronavirus cases.

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He said, the chief medical officer on the advice of, I test orchestrated and test-positive turned out to be. His wife, Camilla Parker-Bowles was tested negative but was also said to be staying in the said residence.

Investors have yet to get a clear picture of exactly how badly the crisis has hurt corporate profits, the ultimate driver of stock prices. The Russell 2000 index of smaller company stocks fell 48.33 points, or 4.1%, to 1,131.99.

"If the market can't bounce from these extremely oversold levels, then we are likely headed much lower", said Adam Sarhan, chief executive officer of 50 Park Investments in Florida.

Cruise operators Norwegian Cruise Line and Carnival led the decliners in the S&P 500 Friday. Energy was pressured by a 4.8% drop in crude prices. Investors have been dumping riskier assets such as stocks amid uncertainty over the economic blow from the coronavirus.

That's sure to cause even more trouble for energy companies, which are lagging far behind the rest of the market. Goldman Sachs has forecast that it will fall well below $20 a barrel in the next two months because storage will be filled to the brim and wells will have to be shut in. The meeting of G-20 leaders also disappointed some traders after it failed to produce any statement that related to oil or the price war raging between Saudi Arabia and Russian Federation.

The yield on the 10-year Treasury fell to 0.73% from 0.81% late Thursday.

The strong rallies this week have prompted some analysts to suggest that the worst of the selling could be over.

"It looks like right now, they're fearful again. But it doesn't mean that we've gotten an all-clear signal".

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