The stock market opened lower on Friday, taking a hit from more bad economic data and rising trade tensions between the United States and China.John Nacion/NurPhoto via Getty ImagesThe Dow Jones industrial average fell 0.8%, around 200 points, at Friday’s open, while the S&P 500 lost 0.9% and the Nasdaq 1%.
U.S. monthly retail sales declined a record 16.4% in April—more than the 12.3% expected, as the coronavirus took a toll on consumer spending.filed for unemployment benefits—bringing the total number of coronavirus job losses over the last two months to 36 million. Stocks also fell on news of reescalating trade tensions with China: The Trump administration on FridayChina insider Hu Xiijin, editor-in-chief of China’s state-runvia Twitter on Friday, saying that if the U.S. takes further action to block Huawei, China could retaliate by activating iits “unreliable entity list.”
That would allow China to “restrict or investigate” U.S. companies like Apple, Qualcomm and Cisco, as well as suspend purchases of Boeing airplanes.The stock market is heading for its biggest weekly decline since late March. As of Friday morning, the Dow and S&P 500 were both down more than 2% for the week.
Bespoke Investment Group points out: “While the data is horrible, it shouldn’t be a surprise. When you shut down the economy, activity comes to a halt.”
skleb1234 What Trade? There is Global Pandemic in place right now. Which companies are still trading in this environment. I would've thought that all hands on deck to lessen the spread not business as usual. Suspend the Stock Markets, you are empowering businesses to do BUSINESS PANDEMIC
skleb1234 And Crypto's keep going up!
skleb1234 I doubt anyone is surprised by the trade tension.
skleb1234 Don't worry, Israel will be just peachy
skleb1234 Plenty more turbulence to come.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market live updates: Rally off the lows, Dow gains 300, bank stocks lead comeback“There is so much doom and gloom, and this thing is not going to last forever.” Here’s what 4 experts have to say about the coronavirus pandemic and the state of the stock market today. “Doom and gloom”? You may think that’s because of 30+ million unemployed? Or small businesses going away forever? We have the most death, most unemployment, and worst economy in the world ,yet Wall Street scam is green after being down big earlier. When does the manipulation stop? Inflating the bubble market is not helping us. Every other market in world was red. Fed reserve investigated plz The FED will help stonks and the rich. The peasants don’t matter...
Source: CNBC - 🏆 12. / 72 Read more »
Stocks Fall About 2% as Powell Says Outlook ‘Highly Uncertain’The Dow and S&P 500 dropped about 2% after Fed Chairman Jerome Powell said Congress and the White House will need to spend more money to make sure policy makers’ quick initial response to the coronavirus-induced economic contraction isn’t wasted. March 27 behavioureconomics applied to stimulate GDP Behaviours to lower CashConverionCycles & increase InventoryTurns of Capital very clear how much Uhoh. Another job on the line. Thank you for speaking truth to power Chairman Powell. Idea 💡 Do not give any Federal money to states whose governors refuse to end their lock downs. No freedom for citizens=No money for the state! freedomforall saynototyrany endthelockdown
Source: WSJ - 🏆 98. / 63 Read more »
Dow on pace for its biggest intraday comeback in 2 months as financials and health-care stocks burst higherThe Dow Jones Industrial Average late-day Thursday was trading higher, putting the index on track for its biggest comeback in about 8 weeks amid the COVID-19...
Source: MarketWatch - 🏆 3. / 97 Read more »
Jim Cramer reveals his playbook, says investors can start slowly buying stocks Thursday afternoonThe 'Mad Money' host instructs investors to keep their eyes on the food and drug stocks as a sign to start building a position in the market. While he is dumping his ? Is this spoof news? Thanks Jim!! Me and millions more have been waiting 😂😂
Source: CNBC - 🏆 12. / 72 Read more »