June 12. 2020

Wall Street in New York

U.S. stocks took a tumble yesterday, losing 7% of their value, due to jitters concerning the coronavirus (Covid-19). It represents the biggest decline since March, when the U.S. lockdown began. America has logged record job losses due to deaths and lockdowns associated with the viral outbreak that has claimed more than 113,000 lives in the United States.

The government has tried to reassure investors, but with poor economic numbers, no viable vaccine on the market and a new rise in coronavirus cases across nearly half of U.S. states due to businesses reopening, people are being careful where they place their money.

STORY SOURCE

Dow plunges nearly 7 percent on concerns of coronavirus resurgence

June 11, 2020, 4:57 PM EDT - U.S. stocks dropped sharply on Thursday as investors weighed sobering economic forecasts and new data, along with indications that the COVID-19 pandemic is far from subsiding.

The Dow Jones Industrial Average closed down 1,861 points, or 6.9 percent, and the S&P 500 was down 5.9 percent, the biggest fall since March 16. Just a day before, the Nasdaq Composite hit an intraday high.

On Thursday, several sectors including hospitality and leisure suffered steep declines. As more than 20 states report a climb in coronavirus cases, there are new worries that consumers will be reluctant to return to restaurants and take trips.

During a news conference on Wednesday, Federal Reserve Chairman Jay Powell said the central bank is committed to keeping interest rates near zero, highlighting the uncertainty surrounding the timing of an economic recovery.

According to the Johns Hopkins Coronavirus Resource Center, there have now been more than 2 million confirmed cases of COVID-19 in the United States, and 115,000 deaths. In his remarks, Powell again acknowledged the risks of a “second wave” after states reopen their economies...

https://www.nbcnews.com

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