U.S. stocks traded higher Thursday morning, reversing early losses, as financial sector stocks got a boost from what investors saw as a roll back red tape by regulators.
On Wednesday, the Dow shed 710.16 points, or 2.7%, ending at 25,445.94. The S&P 500 fell 80.93 points, or 2.6%, to end at 3,0501.33. The Nasdaq Composite gave up 222.20 points, or 2.2%, finishing at 9,909.17, a day after booking a fresh record closing high. All three indexes registered their worst day since June 11.
The Federal Reserve has said that banks entered the crisis in a strong position, but analysts believe that the length of the pandemic could erode the balance sheets of some institutions as credit losses mount—a point investors will be on the lookout for. After the worst down day for U.S. stocks on Wednesday in about two weeks, investors were digesting a plethora of economic data Thursday morning.
On Wednesday stocks sold off sharply when the U.S. recorded a one-day total of 34,700 newly confirmed COVID-19 cases, the highest level since late April, the Associated Press reported, using data compiled by Johns Hopkins University. “We’re throwing trillions of dollars at getting the economy supported and restarted,” said Chris O’Keefe, managing director at Newtown Square, Pa-based Logan Capital Management. “But that can’t solve the health issue. It always comes back to that, and the psyche out there is very much concerned about it.”
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