The US Shares Fell after Increasing Virus Cases
On Wednesday, US stocks fell for the third time in the last four days, with concerns that the coronavirus will continue to have quarantine conditions and consequently the companies’ profits and dividends will be negatively affected by the incredible increase in the number of cases in the country.
The Standard & Poor’s 500 (S&P 500) Index hit the toughest decline in the past two weeks after US officials made negative assessments about the potential effects of the pandemic. US President Donald Trump, on the other hand, stressed that a “painful” period will come for his country, New York Governor Andrew Cuomo said that a model showed that the Covid-19 pandemic in the state might not peak by the end of April.
“The pessimism in investors is pretty much,” said Everscore ISI’s Dennis DeBusschere. “All predictions about when this outbreak will end. This means that GDP and profits will suffer even more.”
The Dow Jones Index closed at 20.943.51 points yesterday, dropping 973.56 points or 4.44 percent, while the S&P 500 Index fell 114.09 points or 4.41 percent to 2,470.50 points, and the Nasdaq Index finished 333.52 points or 4.41 losses to 7.360.58 points.