Dow opens more than 800 points lower as U.S. coronavirus cases rise, after Fed’s grim economic outlook

U.S. stocks swooned Thursday as coronavirus cases continued to rise and investors digested Wednesday’s downbeat economic outlook from the Federal Reserve.

While both the S&P 500 and the Dow are up about 45% from the low in late March, the S&P 500 is down 1.2% this year and the Dow is down 5.4% for 2020, though the Nasdaq Composite rose for eight days in the past nine sessions, bringing its 2020 gains to nearly 10%. “Up until yesterday financial markets didn’t appear overly concerned about the prospect of a second wave,” said Michael Hewson, chief market analyst at CMC Markets UK, in a Thursday research note. However, he noted that the “prospects, appear to have concentrated minds in the wake of recent gains, and sending the usual suspects of travel, as well as oil and gas stocks sharply lower”

Hooper thinks the market moves of this week aren’t necessarily the start of a sustained leg downward. “Typically the initial reaction to the Fed press conference is not the subsequent reaction. There needs to be some digestion by investors.”In U.S. economic data Thursday, another 1.54 million Americans filed for initial jobless claims, the government said. That beat expectations for 1.565 million people seeking unemployment benefits, according to the Econoday consensus.

How are other assets faring? Oil prices traded lower on Thursday, as the Fed promised to keep rates near zero. West Texas Intermediate CLN20, -7.87% lost $2.70 cents, or 6.8%, trading at $36.90 a barrel on the New York Mercantile Exchange.

Profit Taking FOMO after reaching all-time-high, what else could it be?

Now this Americans are playing game... When already death toll crossed 100000, that time this bastards were increasing the DOW.. Now what second wave...Nothing like that... Just playing with world markets..

is the reality, the economy should be closed again. Take action now, anticipate because they know that the economy must be closed, the reality, no more lies

'stop pumping, you'll flood the brakes'

Trump's unnecessary show of force spread the second wave of CoronavirusPandemic GeorgeFloyd EconomyRecession BlackLivesMatter NoJusticeNoPeace

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