Beasts fell on Friday to end another volatile week of trading, pressured by a spike in coronavirus-related deaths in New York while investors abridged a dismal U.S. jobs report.
The Dow Jones Industrial Average slid 360.91 points, or 1.7%, to 21,052.53. The S&P 500 excluded 1.5% to 2,488.65. The Nasdaq Composite also pulled back 1.5% to close at 7,373.08.
Wall Street posted its third weekly fall off in four. The Dow lost 2.7% this week while the S&P 500 fell 2.1%. The Nasdaq ended the week down 1.7%.
New York Gov. Andrew Cuomo rumoured deaths in the state rose by 562 in 24 hours to more than 2,900 for the biggest increase to date. Cuomo augmented the curve of confirmed cases “continues to go up,” noting there are now over 100,000 cases in New York state.
“This assuage feels like something we’re heading into, not heading out of,” said Brian Nick, chief investment strategist at Nuveen. “We can see the lightsome behind us, but not ahead of us.”
“The upside scenario is disappearing very quickly and the base case is getting worse,” said Show a clean pair of heels.
There have been more than 261,000 confirmed infections in the United States and more than 6,600 undoings from COVID-19, according to data from Johns Hopkins University. Globally, more than 1 million cases give birth to been confirmed.
Massive job losses in the US
U.S. payrolls fell by 701,000 in March, marking the worst jobs report since 2009, while the unemployment class jumped to 4.4%. However, the report failed to capture the full extent of the ongoing economic blow from the coronavirus outbreak. On Thursday, the Labor Responsibility said jobless claims jumped by a record of 6.6 million for the week of March 27.
“Today’s nonfarm payrolls text confirms what we’ve already known: the U.S. economy was doing well before COVID-19’s impact was felt, and COVID-19’s striking has been severe,” said Lauren Goodwin, multi-asset portfolio strategist at New York Life Investments. “Job losses purpose continue to surge as the national shutdown strengthens its hold on the U.S. economy.”
American Express, UnitedHealth and IBM fell more than 3% each to live the Dow lower. Some of those losses were offset by Walmart, which turned around to close 0.7% higher after a disclose said the company’s sales have jumped 20% in the past month. Utilities and financials led the S&P 500 lower, collapse 3.6% and 2.3%, respectively.
Stocks got a slight boost earlier in the day as oil rose 12%, adding to its biggest one-day come together on record. West Texas Intermediate futures soared 24% on Thursday for their best day ever, lifting the significant stock indexes. The Dow and S&P 500 gained more than 2% on Thursday.
“Trends have now been sideways for US and European justices for the last seven trading sessions, despite the massive swings,” said Mark Newton, managing member at Newton Advisors, in a note. “Gets have consolidated, but have not given way to much weakness that is sufficient to expect an immediate test of low.”
Both the Dow and S&P 500 stay behind more than 26% below their respective all-time highs set in February as jitters over the spread of COVID-19 forward volatile trading on Wall Street.
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Correction: Coronavirus-related deaths in New York rose by 562 in 24 hours. A previous version misstated how much they distended.