Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high
Record ID:
1561671
Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high
- Title: Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high
- Date: 9th July 2020
- Summary: NANTUCKET, MASSACHUSETTS, UNITED STATES (JULY 9, 2020) (REUTERS VIA ZOOM) (SOUNDBITE) (English) CHIEF MARKET STRATEGIST AT NATIONAL SECURITIES, ART HOGAN, SAYING: "Yeah, I'll tell you this. I think today is very typical of what we've seen, where we're up one day. The bulls are taking charge because they lean against things like fiscal and monetary policy and sequentially better data. Then there are days like today where we have the bears taking charge saying, hey, listen, we don't know how bad this wave gets that's hitting us with coronavirus. So for the time being, the concern is how many states are actually going to say, we need you to go back inside? You can't go to restaurants. We're going to slow down the economic recovery in our state and how broad does that get? So I think that's why we're exactly where we are today. We were up yesterday, were down today. That's very typical of what we've seen for the last 30 days. There are a couple of days of positive action and that's followed by a couple days of negative action. And you can make a case just as strongly for both sides of that camp."
- Embargoed: 23rd July 2020 21:33
- Keywords: Art Hogan COVID-19 U.S. cases U.S. stocks Wall Street coronavirus
- Location: NEW YORK, NEW YORK + NANTUCKET, MASSACHUSETTS, UNITED STATES
- City: NEW YORK, NEW YORK + NANTUCKET, MASSACHUSETTS, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002CM38E2V
- Aspect Ratio: 16:9
- Story Text:The S&P 500 and Dow dropped on Thursday (July 9) as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and began to shift their focus to earnings, though the Nasdaq registered another record closing high.
The United States saw more than 60,000 new COVID-19 infections on Wednesday (July 8), setting a single-day global record while Florida and Texas reported a record one-day increase in deaths.
Investors also began to turn their focus to the second-quarter earnings season, which shifts into higher gear next week. S&P 500 companies are expected to post the biggest quarterly decline in earnings since the financial crisis, based on IBES data from Refinitiv.
The Nasdaq hit another record high, however, helped by gains in Amazon.com, Microsoft Corp and Apple Inc.
The Dow Jones Industrial Average fell 361.19 points, or 1.39%, to 25,706.09, the S&P 500 lost 17.89 points, or 0.56%, to 3,152.05 and the Nasdaq Composite added 55.25 points, or 0.53%, to 10,547.75.
(Production by Fred Katayama and Angela Moore) - Copyright Holder: REUTERS
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