- Title: Wall St ends lower on COVID-19 worries, tech weighs
- Date: 16th July 2020
- Summary: PORT WASHINGTON, NEW YORK, UNITED STATES (JULY 16, 2020) (REUTERS VIA SKYPE) (SOUNDBITE) (English) THOMSON REUTERS STOCKS BUZZ ANALYST, TERENCE GABRIEL, SAYING: "The market is jittery here because as they see further signs of the potential of renewed lockdowns in certain states and an increase in cases, the concern is that we could actually start to see those jobless claims numbers rise again as we start moving forward in the event the economy stalls. So the market has had quite a run off those March lows. And with this kind of news, there is concern that it may have sort of run out of steam as it waits to see whether or not a real recovery can indeed take hold."
- Embargoed: 30th July 2020 21:26
- Keywords: J.P. Morgan Chase New York Stock Exchange Twitter closing bell coronavirus equities stocks
- Location: NEW YORK CITY + PORT WASHINGTON, NEW YORK, UNITED STATES
- City: NEW YORK CITY + PORT WASHINGTON, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002CN28CP3
- Aspect Ratio: 16:9
- Story Text: The S&P 500 ended down on Thursday (July 16), pulled lower by Microsoft Corp and Apple Inc, as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases.
U.S. retail sales increased more than expected in June, but a resurgence in new COVID-19 cases is undercutting the budding recovery, keeping 32 million Americans on unemployment benefits.
A jump in cases of the virus has forced California and other states to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P 500 is about 5% below its February record high.
The S&P real estate and technology indexes fell more than others.
Apple and Microsoft dipped, each weighing more than any other company on the S&P 500.
Twitter Inc fell after hackers accessed its internal systems to hijack some of the platform's top voices, including U.S. presidential candidate Joe Biden, reality TV star Kim Kardashian West, former U.S. President Barack Obama and billionaire Elon Musk and used them to solicit digital currency.
Shares of Netflix rose ahead of the streaming video company's quarterly report after the bell, which will show investors how it has fared during the coronavirus lockdown.
Unofficially, the Dow Jones Industrial Average fell 0.5% to end at 26,734.64 points, while the S&P 500 lost 0.34% to 3,215.59.
The Nasdaq Composite dropped 0.73%, to 10,473.83.
(Production: Soren Larson, Fred Katayama)
- Copyright Holder: REUTERS
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