Dow, S&P 500 slide as focus shifts to earnings; Nasdaq gains

Volume on U.S. exchanges was 10.93 billion shares, compared with the 14.80 billion average for the full session over the last 20 trading days.

“What you’re seeing at the end of the day is investors who are sitting with too much cash are buying on the dips,” said Dennis Dick, head of market structure and proprietary trader at Bright Trading in Las Vegas. “I think that trend continues unless the news flow gets predominantly worse.” Some strategists said comments by New York Governor Andrew Cuomo on Monday helped to ease some investor concerns. Cuomo said he believed “the worst is over” as hospitalizations appeared to be reaching a plateau in the worst-hit U.S. state, adding that he would announce a coordinated plan on reopening businesses.

Aggressive U.S. monetary and fiscal stimulus and early signs of a potential peaking in U.S. coronavirus cases have helped stocks recover recently from their dramatic sell-off tied to the pandemic. FILE PHOTO: The New York Stock Exchange building is seen in New York City, New York, U.S., June 4, 2019. REUTERS/Mike Segar

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