Wall Street retreats as crude slump batters energy stocks

Hopes have also risen for a gradual reopening of the economy after President Donald Trump cited signs of plateauing in the virus outbreak last week and outlined new guidelines for states to pull out of shutdowns.

But his plan was thin on details and left the decision largely up to state governors. New York City Mayor Bill de Blasio said on Monday it could take weeks if not months before the country’s most populous city reopens due to a lack of widespread testing. “The recovery will be much slower than the market is currently pricing in simply because social distancing measures can be relaxed but not removed until we have a vaccine or a very effective cure,” said Andrea Cicione, head of strategy at TS Lombard in London.

In economic news, surveys on April U.S. manufacturing and services sectors are due on Thursday, while U.S. jobless claims are forecast to have hit as many as 5 million in the week ended April 18, on top of 22 million claims in the previous four weeks. Reporting by Shreyashi Sanyal and C Nivedita in Bengaluru; Editing by Sagarika Jaisinghani and Anil D'Silva

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street Has High Hopes For Netflix's Latest Earnings ReportNetflix’s stock has risen more than 30 percent year-to-date, driven as of late by Wall Street expectations that the global streaming giant would turn out to be one of the rare beneficiaries of the coronavirus pandemic and governments’ stay-at-home orders Netflix has a tough job on its hands nevertheless... Their series and particularly their films are rapidly becoming outdated. Netflix
Source: THR - 🏆 411. / 53 Read more »